Connect with us

Headlines

Petrol remains N148.70/ltr in Lagos despite reported increase

Published

on

 

BY NICHOLAS ABE


The pump price of premium motor spirit (PMS), otherwise more commonly known as petrol, remains at between N148.70-N148.80 per litre, at filling stations in Lagos.

This is despite various online media reports Wednesday afternoon of increase to N151.56/ltr.

A statement attributed to the Ibadan Depot of Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), had announced that the price increase would take effect from today, Wednesday.

The statement with reference number PPMC/IB/LS/020 dated September 2, 2020 and signed by D.O Abalaka, read: “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.”

However, a quick drive by RELIABLESOURCENG.COM around some filling stations in the island area of Lagos showed that the stations were still selling at N148.70/ltr., even though some were selling at N148.80/ltr.

The federal government had through its agencies in charge of petroleum products, in the wake of the COVID-19 induced lockdown and following slump in the cost of crude in the international market, announced that the price of petrol would henceforth be determined by market forces.

This led to the crash of petrol price to N125/ltr at some point and steadily moved up again to N148.70/ltr as the cost of crude in the international market increased.

Facebook Comments
Advertisement
Comments