The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced a new pump price for petrol from N140.80 to N143.80 per litre.
According to a circular, signed by the PPPRA executive secretary, Abdulkadir Saidu , it read;
“Please recall the provision for the establishment of a monthly price band within which petroleum marketers are expected to sell PMS at the retail stations, based on the existing price regime”.
“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/litre for the month of July 2020.”
Recall that in May 31 2020, the Petroleum Products Pricing Regulatory Agency (PPPRA) announced a pump price reduction of N121.50 to N123.50 from N145 per litre for the petroleum product.
It was also noted that the increase in petrol pump price is as a result of the increase in global crude oil prices.