The Federal Government of Nogeria has increased the pump price of petrol also known as Premium Motor Spirit (PMS) petrol to N143.80 per litre.
The Petroleum Products Pricing Regulatory Agency(PPPRA) making the announcement on Wednesday, said, a new price band of N140.80 to N143.80 per litre will apply for petrol.
“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.
“All marketers are advised to operate within the indicative prices as advised by the PPPRA,” PPPRA, said in a circular circulated to marketers dated July 1, 2020.
The PPRA, had, on May 31, 2020 announced a downward review of the price band to N121.50 and N123.50 per litre for the product.