Some petrol stations in Lagos, the country’s commercial capital, started retailing Premium Motor Spirit, popularly known as petrol, at N160 on Thursday.
The increase was triggered after the product’s depot price was increased on Wednesday from N138.62 to N151.56, according to an internal memo from the Pipelines and Product Marketing Company (PPMC).
The PPMC is a subsidiary of the Nigerian National Petroleum Corporation (NNPC).
According to the memo, the new product price adjustment will take effect from September 2, 2020.
However, it did not state the Expected Open Market Price of the commodity.
Meanwhile, the Minority Caucus in the House of Representatives has rejected the increase in the pump price.
“This is because such increase will directly result in more hardship on our citizens, particularly at this critical time when majority of Nigerians, across the country, are struggling to survive under the burden of high cost of living and low purchasing power occasioned by the prevailing economic challenges,” the Caucus said in a statement signed by Minority Leader, Ndidi Elumelu.
The Peoples Democratic Party (PDP) has also rejected the price increase.
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