BUSINESS
Anxiety As Nigeria Jacks Up Fuel Price To N151.56 Per Litre
Nigerian Government has again, since the outbreak of global coronavirus pandemic increased price of Premium Motor Spirit (PMS), fueling anxiety about the actual amount the commodity would be sold in the days ahead
BIGPEN recall that the Petroleum Products Pricing Regulatory Agency (PPPRA), apparently as part of measures to cushion the effect of the COVID-19 pandemic on Nigerians had earlier in March 18, 2020, reduced the pump amount of PMS from N145.00 to N125.00.
Following global market trend, the agency further in April announced reduction of the pump price of Premium Motor Spirit (PMS) also known as petrol from N125 to N123.50k per litre, noting that it would start a new pricing modulation that would reflect the global market fundamental.
In early August, the Petroleum Products Marketing Company (PPMC), the downstream subsidiary of Nigerian National Petroleum Corporation (NNPC), had fixed the ex-depot price of premium motor spirit (PMS), at N138.62 per litre, in a memo signed by its Manager, Sales, Mohammed Bello, in Abuja.
The ex-depot price is the price at which depot owners sell the commodity to retail outlets.
But on Wednesday, September 2, 2020, Pipelines and Product Marketing Company (PPMC), further announced a new price regime which increased the premium motor spirit price to N151.56 per litre.
This was disclosed in an internal memo from Ibadan depot to all stakeholders with reference number PPMC/IB/LS/020 dated September 2, 2020 and signed by D.O Abalaka.
According to PPMC, “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 statement reads.
BIGPEN reports that with the new adjustment, it is expected that oil marketers would adjust their pump amount to between N153 and N155 per litre.
As of the time of filling this report, the Petroleum Products Pricing Regulatory Agency (PPPRA), the agency saddled with the responsibility of announcing hike in fuel or providing guidance on the new price, had not make any public statement on the development, fueling speculations as to the actual amount the commodity would be sold.