President Muhammad Buhari has increased the pump price of premium motor spirit (PMS) otherwise known as petrol to N151.56 per litre with effect from today September 2, 2020.
This was disclosed in an internal memo issued by the Pipelines and Product Marketing Company and signed by D.O Abalaka.
The PPMC internal 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 (N151.56) per litre. This is effective 2nd September 2020.’’
The Federal Government had in March announced that 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.