FG Raises Petrol Pump Price To ₦140.80

FG Raises Petrol Pump Price To ₦140.80

The Petroleum Products Pricing Regulatory Agency, PPPRA, on Wednesday announced a new pump price band of N140.80 to N143.80 per litre for Premium Motor Spirit, also known as petrol.

The Executive Secretary of the agency, Mr Saidu Abdulkadir, in the circular, dated July 1 to marketers, 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.

The agency boss, however, warned marketers against selling above the N143.80 set by the government.

“All marketers are advised to operate within the indicative prices as advised by the PPPRA.”

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Recall that he agency had on May 31, 2020 announced a price band of N121.50 to N123.50 per litre for the product.

According to sources at the Abuja headquarters of the agency, the rise in petrol price for July was primarily due to the increase in global crude oil prices.

Wednesday’s pump price increase remains the single highest price movement since the government said it had fully deregulated the downstream sector.

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