The Petroleum Products Marketing Company PPMC a subsidiary of the Nigerian National Petroleum Corporation NNPC: has increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N151.56 per litre from N138.62 per litre.
According to Punch, this was disclosed in an internal memo from Ibadan depot to all stakeholders with reference number PPMC/IB/LS/020 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.
The memo, a copy of which was seen by our correspondent, said, “Please be informed that a new product price adjustment has been effected on our payment platform.
”To this end, the price of Premium Spirit (PMS) is now one hundred and fifty-one naira, fifty-six kobo (N151.56k) per litre. This is effective from September 2, 2020.”