Again, Nigeria hikes fuel pump price to N152 per litre

Again, Nigeria hikes fuel pump price to N152 per litre.

Again, Nigeria hikes fuel pump price to N152 per litre

Nigeria has once again, increased pump price of Premium Motor Spirit (PMS) to N151.56 per litre.

The Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) on Wednesday announced that PMS, widely known as fuel, has been increased from N138.62 per litre to N151.56 per litre.

The agency explained the increase in the depot price in an internal memo from Ibadan depot to all stakeholders with reference number PPMC/IB/LS/020 dated September 2, 2020, and signed by Mr D.O Abalaka.

The memo stated the ex-depot price is the price, 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,” the memo stated.

”To this end, the price of Premium Motor Spirit (PMS) is now one hundred and fifty-one naira, fifty-six kobo (N151.56k) per litre. This is effective from September 2, 2020”