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.
This was revealed in an internal memo dated September 2, 2020 and signed by D.O Abalaka, which was addressed to all stakeholders with reference by the Ibadan depot of NNPC.
The ex-depot price is the price at which the product is sold to marketers at the depots.
The memo read: “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 (N151.56k) per litre. This is effective from September 2, 2020.”
