Nigerians to Pay More for Petrol as FG Increases Fuel Pump Price

fuel price

Nigerians will have to brace up for an increase in the price of petrol as the Federal Government has adjusted the price of the commodity.

This is based on a new pricing template as the Pipeline and Product Marketing Company (PPMC) informed the public that government has raised the pump price of petrol to N151.56 per litre effective September 2, 2020.

A statement by PPMC, a subsidiary of the Nigerian National Petroleum Corporation (NNPC) on Wednesday informed the depots owners of the increase.

In the statement signed by PPMC Lead Sales- Ibadan Depot D.O Abalaka, the agency said: “Please be informed that a new product price adjustment has been effected on our payment platform”.

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“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”, he added.

The ex-depot price is the amount depot owners and marketers pay to lift products from NNPC storage facilities. The price which has now been increase from N138.62 to N151.56 per litre

With this new increment, filling stations across the country may have to adjust their prices to as much as N162 per litre as against the prices of N143 – 145 per litre.

Reactions have already trailed this new increment by the Federal Government, with a call from the main opposition party, the Peoples Democratic Party (PDP) demanding an immediate reversal of the prices to avert a national crisis, adding that the increase would result in an upsurge in costs of goods and services and worsen the biting hardship being faced by Nigerians.

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 According to a statement by PDP National Publicity Secretary, Mr. Kola Ologbondiyan, “Our party asserts that by increasing the price of fuel from the N87 per litre it sold under the PDP to an excruciating N151 while at the same time allowing the hike in electricity tariffs from N30.23 per kWh to over N66, the APC has left no one in doubt that its agenda is to inflict pain and hardship on Nigerians to satisfy their selfish interests.

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“The unjustifiable increase in the price of these essential supplies, coming barely a week after APC brazenly posted support for the fuel price hike, while attempting to rationalise the excruciating hardship being suffered by Nigerians under the Buhari administration has further confirmed that APC is at the centre of the harsh policies of the Buhari Presidency.”

PDP said it was distressing that the APC administration increased the cost of essential commodities at the time the leadership of other countries were offering palliatives to their citizens to cushion the effect of the COVID-19 pandemic.

 

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