The Petroleum Products Pricing Regulatory Agency (PPRA) has announced a new retail price band for oil marketers.
In a circular released on Wednesday July 1, from the regulatory agency, the price of Premium Motor Spirit (PMS) has been increased from N140.80 to N143.80 per litre.
Sources at the Abuja headquarters of the agency said the rise in petrol price was primarily due to the increase in global crude oil prices.
“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 statement read.
The federal government, in March, announced that the retail price of petrol would be adjusted monthly to reflect realities in the global crude oil market. On May 31, 2020, the PPPRA announced a price band of N121.50 to N123.50 per litre for the product.
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