Fed Govt raises petrol pump price to N143.80

The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced a new price band of N140.80 to N143.80 per litre for Premium Motor Spirit, also known as petrol.

The memo was released in Abuja on Wednesday.

In a circular to marketers entitled ‘Advised price for Premium Motor Spirit (PMS) in the month of July 2020’, the government stated that “after a review of the prevailing market fundamentals in the month of June and considering marketers realistic operating cost, as much as practicable, we wish to advise that a new PMS pump price band of N140.80 to N143.80 per litre be for the month of July.

“All marketers are advised to operate within the indicative prices as advised by the PPPRA,’’ he said.

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 continue 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.

 

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