Petrol Price Goes Up As Depot Price Jumps 9%

By GWG Staff

Petrol prices in the country are said to be effected upwards following the decision of the Petroleum Products Marketing Company to increase the depot price to N151.56 per litre from N138.62 per litre.

The revelation was made in an internal memo circulated to stakeholders of the Ibadn Depot, The Punch reported.

An internal memo circulated to stakeholders with reference number PPMC/IB/LS/020 dated September 2, 2020 and signed by D.O Abalaka gave notice of the increase of the depot price which is expected to raise petrol prices at the stations to unprecedented levels.

The memo read thus:

“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.”

With petrol prices at the depot at N138.62 in August, petrol sold for N145 per litre at the retail station.

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