FG Increase Petrol pump price to ₦143.80

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.

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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.

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The agency also said the rise in petrol price for July was mainly due to the increase in global crude oil prices, as PMS had been deregulated.