The price of Premium Motor Spirit (PMS) otherwise known as petrol will hit its highest ever in naira terms this month, according to a notice from Pipelines and Products Marketing Company (PPMC) seen by Reuters.
PPMC set the ex-depot price of fuel at N151.56 a litre, above the previous pump record of N145 a litre.
The new pump price will be even higher to incorporate transportation and logistics costs.
Cheap fuel prices are seen by many in Africa’s largest oil exporter as a birthright, and the government has always capped and subsidized fuel prices at enormous expense.
