PPMC INCREASES PRICE OF PETROL FROM N138 TO N151 PER LITRE

PPMC INCREASES PRICE OF PETROL FROM N138 TO N151 PER LITRE

The Petroleum Products Marketing Company (PPMC) has increased the ex-depot price of petrol from N138.62 to N151.56 per litre

The ex-depot price is the cost at which the product is sold to marketers.

The PPMC, which is a subsidiary of the Nigerian National Petroleum Corporation (NNPC), announced the new price in a memo to industry stakeholders.

“Please be informed that a new product price adjustment has been effected on our payment platform,” it said.

To this effect the price of petrol is now one hundred and fifty one naira, fifty six kobo (N151.56) per litre, effective from 2nd September, 2020.

Recall that in June, the Petroleum Products Pricing Regulatory Agency (PPPRA) removed the cap on the pricing template for PMS, otherwise known as petrol.

The price of the product is now decided by market forces.

 

The Cable