The Petroleum Products Pricing Regulatory Agency has increase the price for Premium Motor Spirit popularly called petrol to N151.56 per litre.
This increment was made known in a memo released by the Pipelines and Product Marketing Company and signed by D.O Abalaka.
The Federal Government of Nigeria had said the pump price of petrol would be based on market forces, stating that how much Nigerians would pay would be largely determined by the international prices of crude oil.
The memo 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.”