The Petroleum Products Pricing Regulatory Agency has announced a new price band of N151.56 per litre for Premium Motor Spirit also known as petrol.
This is coming just a day after government implemented the price hike in electricity tarriff
The latest development was contained in a memo released by the Pipelines and Product Marketing Company and signed by D.O Abalaka.
The memo reads, “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 Nigerian Government had in March said the pump price of petrol would be determined by market forces, stating that how much Nigerians would pay would be largely determined by the international prices of crude oil.
It would be recalled that fuel price went up by 16.4 per cent for the month of July, which make it sell for as against N143.80 per litre price as against previous price band of N121.50.
Following this announcement,Nigerians have taken to different platforms to condemn the price increase.