Petrol price hits N151.56k/litre

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The Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), on Wednesday revealed the new price of petrol, which has increased to N151.56k per litre.

A PPMC official, DO Abalaka, in a statement 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.’

As at the time of filing this report, the Petroleum Products Pricing Regulatory Agency (PPPRA ) was yet to release the products price band for September. It also failed to release the August template.

READ ALSO:PPPRA, Attorney-General office to unveil new guidelines for petroleum products prices

On August 4, motorists woke up to a rude shock to discover that oil marketers had adjusted their pumps from N143.80k to between N149 and N150 a litre.

The dumbfounding development was worsened by the silence of PPPRA.

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Petroleum sector stakeholders have repeatedly urged the consuming public to brace up for price increase since crude oil prices were beginning to rise in the international oil market. Again, the Federal Government said it ended the subsidy regime in April, to allow market forces determine the pump price of petrol going forward.

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