The Petroleum Products Pricing Regulatory Agency has announced a new pump price band of N140.80 and N143.80 per litre for Premium Motor Spirit, also known as petrol.
The PPPRA, an agency of the Federal Government, disclosed this in a circular to fuel marketers dated July 1, 2020.
The adjustment, Business day learnt is in line with the Federal Government’s approval for a monthly review of Premium Motor Spirit (PMS) pump price.
In a statement on Wednesday ,the PPPRA Executive Secretary, Abdulkadir Saidu, 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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