On Wednesday, Abdulkadir Saidu, the Executive Secretary, Petroleum Products Pricing Regulatory Agency (PPPRA) announced that the Federal Government has increased the pump price of Premium Motor Spirit, also known as petrol from N140.80 to N143.80 per litre.
Earlier in April, the Federal Government had announced a reduction of the petrol pump to N123.50 per litre.
In a statement, Mr. Abdulkabir Saudi disclosed that;
“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.”
Therefore all petroleum marketers are advised to operate within the indicative prices as advised by the PPPRA.