FG increases pump price of PMS to N151.56, IPMAN to sell at N162

The price of petrol in Nigeria has been increased to N151.56 per litre, according to the Pipelines and Product Marketing Company (PPMC).

In a leaked memo, PPMC said it has increased the price from N138.62 per litre to N151.56 per litre.

This new development was contained in a memo released by the Pipelines and Product Marketing Company (PPMC) and signed by D.O Abalaka.

According to the statement; “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 takes effect from September 2, 2020.

Meanwhile the Independent Petroleum Marketers Association of Nigeria, IPMAN has said it’s members will sell the product at N162.00 per litre.

However, the Petroleum Products Pricing Regulatory Agency,PPPRA, which is supposed to offer a price template has not responded.

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