The Petroleum Products Marketing Company announced on Wednesday, September 2, 2020 that the ex-depot price of Premium Motor Spirit, also known as petrol, has increased to N151.56 per litre.
The price was raised from the N138.62 per litre that was announced in August. The downstream subsidiary of the Nigerian National Petroleum Corporation (NNPC) told industry stakeholders that the adjustment is effective immediately.
“Please be informed that a new product price adjustment has been effected on our payment platform,” the memo read
The ex-depot price is the price at which the product is sold to marketers at the depots. It is likely that Nigerians will have to pay more than the set price to buy the product at filling stations.