A fresh hike in the pump price of Premium Motor Spirit PMS, popularly known as petrol looms following the adjustment of the ex-depot price of the product.
This adjustment was contained in a leaked internal memo from the Petroleum Products Marketing Company PPMC, a subsidiary of the Nigerian National Petroleum Corporation NNPC.
The document marked PPMC/C/MK/003 and dated November 11, 2020, was signed by the Manager Marketing of the PPMC, one Tijani Ali, and addressed to the Executive Director of Commercial EDC of the agency.
It contains an advice which seeks an upward review of the ex-depot price of PMS, which is the price of the product sold at the tank farms, to N155.17 per litre from the initial N147.67 per litre.
Consequently, marketers would be dispensing the product to motorists within a band of N165 and N173 per litre.