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FG increases petrol price to N143.80 per litre

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The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced a new pump price band of N140.80 and N143.80 per litre for Premium Motor Spirit, also known as petrol.

The Federal Government agency, disclosed this in a circular to fuel marketers dated July 1, 2020.

 This is believed to have come as a result of  Federal  Government’s approval for a monthly review of Premium Motor Spirit (PMS) pump price.

 PPPRA Executive Secretary, Abdulkadir Saidu in the statement revealed that the Guiding price comes into effect  from 1st of July  and is expected to apply at all retail outlets nationwide for the month .

Saidu while explaining factors that influenced the price band said,”After a review of the prevalent market fundamentals in the month of June and considering marketers’ realistic operating costs, as much as practicable ,we wish to advice a new PMS price band of N140.8p-N143.80 per litre for the month of July 2020.

He stated that PPPRA and other relevant regulatory Agencies will continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector.

“Members of the Public and all Oil Marketing Companies are to be guided accordingly”, Saidu said,adding:”All marketers are adviced to operate within the indicative prices adviced by the PPPRA.”

“Kindly note that the ex-depot for the collection includes the statutory charges of bridging find, marine Transport Average,National Transport Allowance and administrative charge.”he stated

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