The new price of Premium Motor Spirit (PMS), otherwise known as petrol, has gained lots of reactions from Nigerians as it dawned on the general public on Thursday, September 4, 2020, that the price which is now hovering between N160 to N162 per litre is being sold by independent marketers at a retails pump price from N148.
On Wednesday, September 3, 2020, the Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) disclosed the new adjustment to the ex-depot price to marketers and stakeholders.
The swift price adjustment by retail petrol outlets across the country, despite the PPMC saying that the adjustment did not necessarily amount to an increase in price took effect from Wednesday and has made petrol stations implement the new price on their pumps and begin sales to customers.
One major impact of the price change on the populace is the increase in transport fare and goods and commodities in the markets.
The Minister of State for Petroleum, Timipre Sylva, at a briefing he had on Thursday following the new price guidelines explained that the current price of petrol is a reflection of the global crude oil price and the Federal Government no longer fixes the price of petrol but is creating alternatives which include liquefied petroleum gas by the end of September.