BREAKING: FG increases petrol pump price to N143.80

The Federal Government made this announcemen through the Petroleum Products Pricing Regulatory Agency. The Agency fixed a new price band of N140.80 to N143.80 per litre for Premium Motor Spirit, also known as petrol.

The PPPRA, 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.”

The agency had on May 31, 2020 announced a price band of N121.50 to N123.50 per litre for the product.

It was gathered by solomonagbator.com that the rise in petrol price for July was primarily due to the increase in global crude oil prices, as PMS price has been deregulated.

It will be recalled that NUTRW said yesterday that the price of transport fare may increase due to the new guidelines by the Federal govt on inter State movement. Hence, increase in PMS pump price will definitely trigger unprecedented hardship on commuters.