The Petroleum Product Pricing Regulatory Agency (PPPRA) on Wednesday recommended an upward review of the retail pump price of petrol from the previous N121.50 to between N140.80 to N143. 80.
Executive Secretary of the Agency Abdulkadir Saidu disclosed this in a memo to all Petroleum Products marketers released in Abuja on Wednesday.
The memo was titled `Advised price for Premium Motor Spirit (PMS) in the month of July 2020.’
“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 toN143.80 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.
*UPDATED