The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced a new price band of N140.80 to N143.80 per litre for petrol (Premium Motor Spirit) for marketers across the country.
On May 31, 2020, PPPRA announced a price band of N121.50 to N123.50 per litre for the product.
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 new price for July may have been dictated by the rise in global crude oil prices as part of the price modulation role of PPPRA following the deregulation of the downstream sector.
￼PerSecondNews recalls that the Group Managing Director of NNPC, Mr Mele Kyari had in February announced the removal of petrol subsidy.