The pump price of premium motor spirit (PMS) which was N87 per litre in 2015 has been increased to N151.56 per litre with effect from September 2, 2020.
This would be the second time President Muhammadu Buhari would be increasing the price of petrol since he became president. And this would be despite his electoral promise to reduce the petrol pump price from the N87 per litre that he met it.
The first increase was in 2016, one year after assuming office in May 2015. He moved the price of petrol, at the time, from N87 to N145.
The new increase was communicated to all stakeholders, by the Pipeline and Product Marketing Company (PPMC).
An internal memo made available to marketers and other stakeholders, says the new directive becomes effective September 2.
“Please be informed that a new product price adjustment has been effected on our payment platform,” the memo said.
“To this end, the price of Premium Motor Spirit is now one hundred and fifty-one naira, fifty-six kobo (N151.56) per litre.”
The memo was signed by D.O Abalaka, the depot manager.
The increase is coming barely a day after the Managing Director of 11 Plc (formerly Mobil Oil Nigeria Plc); Adetunji Oyebanji who also doubles as the Chairman of the Major Oil Marketers Association of Nigeria; said that the pump price of petrol should be closer to N155 per litre.
The marketers had been selling petrol at a retail price of between N148 and N150 per litre; while the Nigerian National Petroleum Corporation (NNPC) through its retail outlets, has been selling at N145 per litre in August; as the Petroleum Products Pricing Regulatory Agency (PPPRA) remained silent.
Following the deregulation of the downstream sector; as well as the removal of fuel subsidy by the Federal Government; the PPPRA had disclosed that it would on a monthly basis, advise the NNPC and the oil marketers on the guiding retail price at which petrol would be sold across the country.1
