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NNPC raises petrol price to N151.57 per litre

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… PDP, IPMAN, others kick

NIGERIAN National Petroleum Corporation (NNPC), yesterda,y increased pump price of Premium Motor Spirit, also known as petrol, to N151.56 per litre from N138.62 per litre.

  NNPC announced the increment through its subsidiary, Petroleum Products Marketing Company (PPMC) in an internal memo from Ibadan depot to all stakeholders with reference.

  The memo was numbered PPMC/IB/LS/020 dated September 2, 2020, and signed by one D.O Abalaka.

  “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 is effective from September 2, 2020,” the memo said.

  But Peoples Democratic Party (PDP) has rejected the latest increase in pump price of fuel from N145 to N151 per litre.

  The party also rejected increase in electricity tariff to N66 per kilowatts which came into effect on September 1.

  It described the new price regime as callous, cruel and punishing.

  Spokesman of PDP, Kola Ologbondiyan, made the party’s position known to newsmen yesterday.

  According to him, only an immediate reversal of the prices will avert a national crisis.

  Meanwhile, Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members in the Southwest region of the country to sell petrol at N162 per litre.

The Southwest Zonal Chairman of IPMAN, Alhaji Dele Tajudeen disclosed this in a telephone chat with journalists.

  According to him, IPMAN members would be left with no other option than to dispense the product at a price of N162 since federal government, has jerked loading price to N152.

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