President Muhammadu Buhari administration has adjusted the price of premium Motor Spirit (PMS) also known as petrol.

The Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporations (NNPC), announced a new ex-depot price of N151.56k for PMS, an increment of N12.94k from the August price of N138.62k.

It disclosed this in a memo signed by D.O Abalaka of Ibadan Depot to all stakeholders on Wednesday.

The memo with ref number PPMC/IB/LS/020 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 is now N151.56k per liter. This is effective Sept. 2, 2020,” it said.

Ex-depot price is the price marketers buy the product from depot owners.

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