The Nigerian government has approved the hike in the price of petrol to N151.56 per litre.
The Petroleum Products Marketing Company (PPMC) making the announcement on Wednesday, said, the ex-depot price of petrol, being the cost at which the product is sold to marketers. has been increased from N138.62 to N151.56 per litre.
The PPMC, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), in a memo to industry stakeholders, said: ”Please be informed that a new product price adjustment has been effected on our payment platform,” it said.
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”To this end the price of premium motor spirit (PMS) is now one hundred and fifty one naira, fifty six kobo (N151.56) per litre.
”This is effective 2nd September, 2020.”
The Petroleum Products Pricing Regulatory Agency (PPPRA), had, in June, removed the cap on the pricing template for petrol, the price which is now being governed by market forces.