The Federal government of Nigeria has increased the price of Premium Motor Spirit, also known as petrol.
The Petroleum Products Pricing Regulatory Agency (PPRA) announced a new price band of N140.80 to N143.80 per litre for Premium Motor Spirit.
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.”
Recall, on May 31, 2020 FG announced a price band of N121.50 to N123.50 per litre for the product.
Sources at the Abuja headquarters of the agency said the rise in petrol price for July was primarily due to the increase in global crude oil prices, as PMS had been deregulated.