The Petroleum Products Pricing Regulatory Agency (PPPRA) has introduced a brand new value band of N140.80 to N143.80 per litre for Premium Motor Spirit, also referred to as petrol.
The PPPRA, in an, advise to oil marketers dated July 1, 2020, stated: “After an evaluation of the prevailing market fundamentals within the month of June and contemplating entrepreneurs’ sensible working prices, as a lot as practicable, we want to advise a brand new PMS pump value band of N140.80-N143.80 per litre for the month of July 2020.”
“All entrepreneurs are suggested to function throughout the indicative costs as suggested by the PPPRA.”
The agency had on March 31, 2020 introduced a value band of N121.50 to N123.50 per litre for the product.
Sources on the Abuja headquarters of the agency mentioned the rise in the petrol value for July was primarily because of the enhance in international crude oil costs, as PMS had been deregulated.