The Federal Government has announced an increase in the new pump price of Premium Motor Spirit, otherwise known as Petrol, to N151.56 per litre.
A memo released by the Pipeline and Product Marketing Company (PPMC), states that the new price will take effect from Wednesday. September 2, 2020.
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 Federal Government had in March announced that the pump price of petrol would thenceforth be determined by market forces and the international price of crude oil.
The latest increase becomes the fourth consecutive months consumers have faced petrol pump price hike following Federal Government decision in March to end payment of subsidy on the product.
Nigeria, a major crude oil exporting country, imports all its petrol needs despite having three refineries.
The refineries have gone into state of disrepair following decades of neglect by the Nigerian National Petroleum Corporation (NNPC).