Less than two months after the federal government increased fuel pump price, the Petroleum Products Pricing Regulatory Agency has announced a new price band of N151.56 per litre for Premium Motor Spirit also known as petrol.
This new development was contained in a memo released by the Pipelines and Product Marketing Company and signed by D.O Abalaka.
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.”
The Nigerian Government had in March said the pump price of petrol would be determined by market forces, stating that how much Nigerians would pay would be largely determined by the international prices of crude oil.