The Petroleum Products Pricing Regulatory Agency (PPPRA) has disclosed that there will be a new price band of N140.80 to N143.80 per litre for Premium Motor Spirit, also known as petrol.
Sources at the agency’s headquarters in Abuja said the increase in the price of petrol was especially due to the increase in global crude oil prices.
A circular released on Wednesday July 1, from the PPPRA to marketers reads;
“Please recall the provision for the establishment of a monthly price band within which petroleum marketers are expected to sell PMS at the retail stations, based on the existing price regime,” the statement said.
“After a review of the prevailing market fundamentals in the month of June and considering marketers’ realistic operating costs, as much as practicable, we wish to advise a new PMS pump price band of N140.80-N143.80 per litre for the month of July 2020.
“All marketers are advised to operate within the indicative prices as advised by the PPPRA.”
The federal government, had in the month of March, announced that the retail price of petrol would be revised monthly to reflect realities in the global crude oil market.
On 31st May 2020, the PPPRA announced a price band of N121.50 to N123.50 per liter for the product.
However, the price has been increased in the recent review
