The Federal Government has announced a new petrol pump price.
The Petroleum Products Pricing Regulatory Agency (PPRA) announced the new price band of N140.80 to N143.80 per litre for Premium Motor Spirit, also known as petrol.
Industry experts have speculated that the increase in price is a result of the increase in global crude oil prices.
A circular released on Wednesday July 1, from the PPPRA to marketers 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-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.”
Recall that in March the federal government had announced that the retail price of petrol would be adjusted monthly to reflect realities in the global crude oil market.
On May 31, the PPPRA announced a price band of N121.50 to N123.50 per litre for the product.
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