UPDATED: PETROL NOW SELLS FOR N151.56 PER LITRE By Agency
The Pipeline Products Marketing Company (PPMC) has announced new petrol pump price of N151.56 per litre.
In a brief internal memo with ref: “PPMC /IB/LS/020, dated September 2, 2020, the company said “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 (N151.61) per litre.”
The Head Depot Manager, D.O. Agbalaya, who signed the memo said; “This is effective from September 2, 2020.”
The price of the Brent crude was as at Wednesday $46 per barrel.
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The marketers sold petrol for between N145.80 to N150 per litre in the month of August.
Recall that the PPPRA as Giftalnews.com noted had on August 4 approved an ex-depot price of N138.62 per litre for the Premium Motor Spirit (PMS) petrol and kept the pump price to its chest.
The agency reviewed it upward by N6 from its previous N132.00 per litre of July.
The Federal Government based its hike on the increase in the prices of crude oil in the month of August.
The Brent Crude sold that for $43.24 per barrel in July rose to $44.03 per barrel in August.
It deregulated the product in March this year.
In the month of July, the agency had approved a pump price of a band of N140.80 to N143.80 per litre.
It was the first time that the agency approved a new price after the removal of petrol subsidy.
Prior to the July 1 hike, the agency had on May 1, approved price band of N121.50 to N123.50 per litre for the product.
The price has been hiked since August 31st till now to N151.56 per liter. What do suggest the government do?