FG increases petrol pump price to N140
The Petroleum Product Pricing Regulatory Agency (PPPRA) has recommended an upward review of the retail pump price of petrol from the previous N121.50 to between N140.80 and N143.80.
The statement, which was signed by Abdulkadir Saidu, PPPRA executive secretary, and seen by TheCable read:
“Please recall the provision for the establishment of a monthly price band within which petroleum marketers are expected to sell PMS at the retail stations, based on the existing price regime”.
“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/litre for the month of July 2020.”
He added that the ex-depot for collection include the statutory charges of bridging fund, maritime transport average, National Transport Allowance and administrative charges.
Since April, PPPRA had continued to issue a monthly price band of PMS for marketers.
In June, there was a slight reduction as the price was fixed at N121.50 per litre from N123.50 in May.
The July new price is N20.30 higher than the June price of N121.50 per litre.