The Nigerian National Petroleum Company Limited (NNPC) has approved an increase in the pump price of Premium Motor Spirit (PMS) popularly known as petrol.
The commodity price is now N179/litre from N165/litre at which it sold before the biting scarcity of the last few weeks.
The new price approved by NNPC is expected to take effect today, Tuesday, July 19 across the country. The company has also directed marketers to change the petrol price on pumps immediately.
It also increased the ex-depot price from N148.17 to N167 per litre.
The decision was reached weeks after fuel marketers adopted different prices following petrol scarcity across the country.
Some filling stations had changed the price on their meter, while others left the approved retail price of N165 per litre but were selling above the displayed price with the grudging approval of buyers.
Some filling stations were dispensing fuel to motorists for between N170 to N175 per litre while a number of stations at the Lekki axis sold for as high as N179.
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