Oil and Gas

Federal Government increases pump price of petrol

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.

About the author

Joseph Chukwuma Oputa

Joseph Chukwuma Oputa is the Managing Editor of Maslow Businessnews and Physicians News publications published by Maslow Business News Publications, Lagos, Nigeria.

Joseph Oputa is a proud Alumnus of the prestigious Nigerian Institute of Journalism, Lagos and Federal Polytechnic, Bida, Niger State.

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