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.
Fact-Checking the Smear: N’Delta Group Clears Ex-NNPC EVP Engr. Tombomieye of False Allegations
Umahi: Why Peter Obi Turned Down the Debate Challenge
South African Lady Arrested in Abuja for Using 3-Year-Old Son as Cover to Traffick Heroin
JUWON Drags Three Osun High Court Judges to NJC Over Alleged Abuse of Court Process on 29-Year-Old Osun Land Judgment
Why a 67-Year-Old Lagos Lawyer Was Sent to jail Over Law Breach
UPDATED: Fears as 2-Month-Old Baby, 8 Other Family Members Killed in Plateau Night Attack
Drug Abuse Driving Kidnapping, Insecurity, Social Decay — Muhammad Bande
ADC Urges FG to Intensify Rescue Efforts for Kidnap Victims in Borno, Kwara
Physiotherapist Dies at Umahi’s Ebonyi Residence as Minister Calls for Autopsy
Oriire Rescue Proves Criminals Can Be Defeated With Political Will, Says Gbenga Hashim
NAF Says Airstrikes Neutralise Scores of Terrorists, Destroy Enclave in Borno
Airport Dispute: Keyamo Demands Obi’s Apology, Payment of N25,000 Fine Within 7 Days
How We Disrupted Terrorist Networks in Oriire and Rescued 44 Kidnapped Victims — Army
Peter Obi Hails Rescue of Abducted Schoolchildren, Demands Stronger Security Measures
