NNPC hike raises petrol pump price to N162/litre

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has set a pump price of N162 for petrol in the south west region.

This followed the increase of the ex-depot price for the product.

The South-West Zonal Chairman of IPMAN, Alhaji ‘Dele Tajudeen told journalists on phone in Abeokuta, that IPMAN members are left with no other choice than to sell the product at N162.

Earlier Wednesday, the Petroleum Product Marketing Company, PPMC, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), announced a new depot price for petrol, effective from 2 September.

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

The memo was signed by D.O Abalaka.

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

The memo read: “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 is effective from September 2, 2020.”

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


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