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BREAKING: Petrol price now N151.56 per litre

The price of petrol has been increased to N151.56 per litre, according to Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation, NNPC.

In a statement by D.O Abalaka of the PPMC, stated: “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 (PMS) is now one hundred and fifty-one naira, fifty-six kobo (N151.56k) per litre.”

He added: “This takes effect from September 2, 2020.”

The Oil prices recovered on Tuesday, erasing overnight losses, as investors moved into risk assets and away from the safe-haven U.S. dollar, which tumbled to multi-year lows.

Brent crude futures climbed 49 cents or 1.1 per cent to $45.77 a barrel at 0406 GMT.

The U.S. West Texas Intermediate (WTI) crude futures rose 37 cents or 0.9 per cent to $42.98 a barrel.

Both benchmark contracts fell around one per cent on Monday on worries about oil oversupply, with global demand stuck below pre-COVID levels.

The U.S. dollar was last down 0.04 per cent at 92.146 against a basket of currencies, after hitting its lowest since May 2018 in the wake of the U.S. Federal Reserve’s policy shift on inflation announced last week.

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