The pump price is Nigeria has risen again as against the previous reduction in price that Nigerians enjoyed a few months ago. The pump price was reduced by the president some times ago and Nigerians have seems been enjoying the reduction in price until the recent development by the Petroleum Products Pricing Regulatory Agency (PPPRA).
On Wednesday, the PPPRA announced a new pump price band of N140.80 to N143.80 per litre for Premium Motor Spirit, known as petrol as it’s new price owning to the present state of crude price in the world market and the federal government deregulation on crude products in the nation.
In the first day in the month of July 2020, PPPRA told her marketers in a circular released to increase the price of PMS .
“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″, PPPRA said.
PPPRA has further instructed all marketers and staffs to comply with immediate effect.
“All marketers are advised to operate within the indicative prices as advised by the PPPRA.”
It will be worthy to note that the agency had on May 31, 2020 announced a price band of N121.50 to N123.50 per litre for the product.