The Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has increased the ex-depot price of premium motor spirit (PMS) otherwise known as petrol to N151.56 from N138.62 per litre.
The ex-depot price is the price at which petroleum product is sold to oil marketers at the depots. An upward adjustment in ex-depot price of petrol, results in increase in the pump price.
The new ex-depot price was conveyed to petroleum products depot owners in a circular issued on Wednesday by Mr. D.O Abalaka of PPMC.
The circular reads: “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.”