The Federal Government on Wednesday, revealed that the pump price of petrol would see an increase effective from July.
This was made known by the Petroleum Products Pricing Regulatory Agency (PPRA), saying a new price band of N140.80 to N143.80 per litre for Premium Motor Spirit, PMS, would become effective in the month of July.
The PPPRA, in a circular dated July 1, 2020 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.
All marketers are advised to operate within the indicative prices as advised by the PPPRA.”
The agency had earlier announced on May 31, 2020 the price band of N121.50 to N123.50 per litre for the product.