The Federal Government has increased the pump price of Premium Motor Spirit popularly known as petrol to N143.80 per litre.
The Petroleum Products Pricing Regulatory Agency (PPPRA) announced this on Wednesday.
It said a new price band of N140.80 to N143.80 per litre will apply for petrol
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 on May 31, 2020 announced a price band of N121.50 to N123.50 per litre for the product.
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 as coronavirus has affected global economies.
The decision, according to the government, is to make prices more favourable for consumers as well as stimulate investment in the downstream.
However, marketers complained that the government’s intervention and interest was without allowing the market forces to drive the sector.
The pump price was fixed at N125 per litre in March and was reviewed downwards in April to N123.50.
In May, only the ex-depot price was reviewed downwards to N108 and the retail price was adjusted to N121.50 in June.
