The price of petrol has been increased to N151.56 per litre, according to the Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC).
This was disclosed in an internal memo from its Ibadan depot to all stakeholders with reference number PPMC/IB/LS/020, dated September 2, 2020, and signed by D.O Abalaka.
The memo said:
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.
The Federal Government had in July, announced an increase in the pump price Petrol, to N143.80 per litre.
The Executive Secretary of Petroleum Products Pricing Regulatory Agency (PPPRA), Abdulkadir Saidu, in a circular dated Wednesday, July 1, 2020, to oil marketer, said:
After a review of the prevailing market fundamentals in the month of June and considering marketers’ realistic operating costs, as much as practicable, we wish to advise a new PMS pump price band of N140.80-N143.80 per litre for the month of July 2020.
All marketers are advised to operate within the indicative prices by the PPPRA.
According to him the ex-depot for collection include the statutory charges of bridging fund, maritime transport average, National Transport Allowance and administrative charges.
The Federal Government had also, a few months earlier, announced its plans to stop the subsidy payment regime as they said that the downstream sector of the oil industry will be fully deregulated.
The Buhari-led government said that the prices of all petroleum products which includes fuel, would be fully determined by market forces, following the removal of the existing cap on fuel prices.
In the meantime, the move by the Federal Government has been criticized by Nigerians in various quarters.
According to them, increasing the pump price of petrol twice in exactly two months, is not healthy for Nigerians following the hardship in the country, posed by the COVID-19 pandemic.