Petrol stations across the country increased the price of Premium Motor Spirit, popularly known as petrol, on Thursday.
The prices ranged from between N155 and N162 per litre, Channels Television correspondents across the country observed.
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.
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.
Monthly Change
In March, the Petroleum Products Pricing Regulatory Agency (PPPRA), a federal government agency, said it will start the modulation of petroleum products prices on a monthly basis from April 1.
PPPRA Executive Secretary, Mr Abdulkadir Saidu, at a press conference, said the price modulation will be determined by market forces, including the price of crude oil.
The PPPRA said it will hold several engagements with petroleum marketers in a bid to secure their buy-in as the prices of their products fluctuate based on market forces.
The prices have alternated since then every month.
