The Federal Government of Nigeria through it’s Agency, the Petroleum Products Pricing Regulatory Agency (PPPRA) has increased the pump price of Premium Motor Spirit popularly known as petrol to N140.80/143.80 per litre price band from N121.50 per litre.
PPPRA made this announcement in a circular dated July 1, 2020, issued to marketers to unveil the new retail price band.
The circular was signed by its Executive Secretary, Abdulkadir Saudi.
Except from the circular reads; “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 – 143.80/litre for the month of July, 2020.
“All marketers are advised to operate within the indicative prices as advised by the PPPRA.”
The agency had on May 31, 2020 announced a price band of N121.50 to N123.50 per litre for the product.
Media sources revealed that the agency increased the pump price of Premium Motor Spirit (PMS) for July as a result of the increase in global crude oil prices, as PMS had been deregulated.