Petrol Now Sells At N162

The Petroleum Products Marketing Company (PPMC) had on Wednesday increased the depot price of PMS to N151.60 from the previous price of N138.62.

He also said subsidy had make smuggling of petrol a striving business because of the huge profit involved / Photo credit: Businessday
He also said subsidy had make smuggling of petrol a striving business because of the huge profit involved / Photo credit: Businessday

Retail outlets for Premium Motor Spirit (PMS) have begun adjusting their pump price for the product following recommendations by the association of independent marketers to sell at N162 per litre.

The Petroleum Products Marketing Company (PPMC) had on Wednesday increased the depot price of PMS to N151.60 from the previous price of N138.62.

The Independent Marketers Association of Nigeria (IPMAN) however recommended the pump price adjustment without the Petroleum Products Pricing Regulatory Agency (PPPRA) releasing a template reflecting the pricing regime.

READ ALSO: PPMC Raises Petrol Depot Price To N151.56 Per Litre

The IPMAN national vice president, Alhaji Abubakar Maigandi, had on Wednesday said that marketers would sell the product for between N158 to N160 per litre.

Checks by The Interview on Thursday show several petrol stations across different parts of the world the country are now selling PMS between anything from N158 and N162 per litre.

Late on Wednesday, several hours after PPMC increased the depot price to N152.60, many petrol stations around the Federal Capital Territory (FCT) and surrounding areas had yet to adjust the pump price.

By Thursday morning, however a number of station were already selling at N162 per litre while others sold at a lower price.

The Interview Editors

Written by The Interview Editors

The Interview is a niche publication, targeting leaders and aspiring leaders in business, politics, entertainment, sports, arts, the professions and others within society’s upper middle class and high-end segment in Nigeria.