The Nigerian government has increased its petrol pump price to ₦151.56 per litre.
The Petroleum Products Pricing Regulatory Agency (PPPRA) announced a new price band for its Premium Motor Spirit, also known as petrol, in a memo released by the Pipelines and Product Marketing Company (PPMC).
Nigeria in March, declared that the price of petrol will be determined by market forces, stating that the cost will be largely determined by the international crude oil prices.
The memo reads: “Please be informed that a new product price adjustment has been effected on our payment platform”.
To this end, the official price of Premium Motor Spirit (PMS) is now N151.56k per litre. This takes effect from September 2, 2020.