By Adedapo Adesanya
The federal government through the Petroleum Products Pricing Regulatory Agency (PPPRA) has increased the price band of Premium Motor Spirit (PMS), also known as petrol, to between N140.80 and N143.80 per litre for the month of July.
In a circular to oil marketers released on Wednesday, July 1, the PPPRA explained that the increment was made after reviewing the current market realities.
“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,” the petrol pricing agency stated in the notice yesterday.
The agency had on May 31, 2020, announced a drop in the price band to between N121.50 and N123.50 per litre for the product for the month of June.
The rise in petrol price for July can be attributed to the steady increase in global crude oil prices, as petroleum had been deregulated by the Nigerian government.
