Nigeria Government increases petrol price from N148 to N151.56 per liter

The Government of Nigeria has again increased the pump price of petrol to N151.56 per liter, up from N148, the third increase in three months, according to a news report by Daily Trust.

This was disclosed in an internal memo and issued by the Pipeline and Product Marketing Company (PPMC), Ibadan depot, to all the stakeholders on September 2, 2020, and signed by the Depot Manager, D.O. Abalaka.

But the Independent Petroleum Marketers Association of Nigeria (IPMAN) said it was yet to get the official directive from the government on the new price.

In the statement signed by PPMC Lead Sales- Ibadan Depot D.O Abalaka, the agency said, "Please be informed that a new product price adjustment has been effected on our payment platform".

He added that "This takes effect from September 2, 2020." However, Chinedu Okoronkwo, the IPMAN president said their members were yet to get the directive.

He said what the PPMC did was to inform the depot's owners of the new price and the marketers would get a clearer picture of the new price on or before Thursday.

"To this end, the price of Premium Motor Spirit (PMS) is now one hundred and fifty-one naira, fifty-six kobo (N151.56k) per liter."