Petroleum Products Pricing Regulatory Agency has announced a new price band of N140.80 to N143.80 per litre for Premium Motor Spirit, also known as 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.
It would be recalled that the agency had on May 31, 2020 announced a price band of N125.50 to N121.50 per litre for the product.
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The rise in petrol price for July is reportedly due to the increase in global crude oil prices, as PMS had been deregulated.
The agency said that the new ex-depot price includes the statutory charges of bridging fund, marine transport average, national transport allowance (NTA) and the administrative charge.
With the new price, all petroleum products marketing companies throughout the country are permitted to sell at any price with the approved price band of N140.80 (lower limit) and N143.80 (upper limit) during the month.
The lower limit represents the least retail price per litre a marketer can dispense fuel, while the upper limit is the ceiling retail price the marketer cannot exceed in dispensing the product.
