The Petroleum Products Marketing Company (PPMC) has increased the ex-depot price of petrol from N138.62 per litre to N151.56 per litre, a move that would further test the resilience of most Nigerians whose economic fortunes have been worsened by a debilitating pandemic, a sluggish economy and a currency that is at its lowest value.
The PPMC, which is a subsidiary of the Nigerian National Petroleum Corporation (NNPC), announced the new price in an internal memo to industry stakeholders.
This memo with reference number PPMC/IB/LS/020 is dated September 2, 2020 and signed by D.O. Abalaka.
The ex-depot price is the price at which the product is sold to marketers at the depots.
”Please be informed that a new product price adjustment has been effected on our payment platform.
”To this end the price of premium motor spirit (PMS) is now one hundred and fifty one naira, fifty six kobo (N151.56) per litre.
”This is effective 2nd September, 2020,” the memo reads.