Petroleum Products Pricing Regulatory Agency, on Wednesday, increased the price of petrol to N143 per litre.
The PPPRA announced a new price regime of N140.80 to N143.80 per litre for Premium Motor Spirit, also known as petrol.
The Agency, 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.”
On May 31, 2020, PPPRA had announced a price band of N121.50 to N123.50 per litre for the product.
It was gathered from sources at the PPPRA Abuja headquarters that the rise in petrol price for July was primarily due to the increase in global crude oil prices, as PMS had been deregulated.