Update: PPMC pegs petrol price at N151.56

Nigerians are set to pay more for Premium Motor Spirit (petrol) after the Pipeline Products Marketing Company (PPMC) on Wednesday announced a raise ex depot price to N151.56 per litre.

This development was contained in an Internal memo issued by the company
It read: “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 (N151.61) per litre.” The memo was signed by Head Depot Manager, D.O. Agbalaya. As at yesterday, the price of the Brent crude in the international market stood at $46 per barrel.

Aftermath the announcement of the new price, the various marketers are already fixing pump prices at which the commodity will be sold.

The National Vice President, Independent Petroleum Marketers Association of Nigeria (IPMAN), Alhaji Abubakar Maigandi, told The Nation that marketers would sell the product for between N158 to N160 per litre.

Maigandi said while the PPMC announced N151.56 per litre as the ex-depot price, it did not mention any dealer price which marketers should sell as pump price.

“Should the PPPRA or PPMC fail to direct us on how much to sell the petrol, we will instruct our marketers to sell it for between N158 to N160 per litre,” he said.

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