NIGERIANS are now to be paying more for premium motor spirit (PMS) also known as petrol as the Federal Government on Wednesday announced that it has increased the pump price to N151.56 per litre.
The Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation, (NNPC) disclosed this in a statement by D.O Abalaka of the PPMC.
“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.”
He added: “This takes effect from September 2, 2020.”
A source in the oil and gas sector said petrol would now sell for about N158 per litre because N151.56 is just the depot price.
“Pump price can not be less than N158 per litre because what was announced is depot price. Marketers would have to add their own,” said the source who did not want to be named.