The Federal Government has announced a new pump price for premium motor spirit (PMS) otherwise called petrol.
The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced that the new pump price of petrol is between N140.80-N143.80 per litre.
According to a statement by pricing regulatory agency, the recommended petrol retail band for a litre of petrol is now between N140.80 and N143.80.
According to the statement, signed by the Executive Secretary of PPPRA, Abdulkadir Saidu, it stated that “Please recall the provision for the establishment of a monthly price band within which petroleum marketers are expected to sell PMS at the retail stations, based on the existing price regime.
“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/litre for the month of July 2020.”
Saidu said the new ex-depot price includes the statutory charges of bridging fund, marine transport average, national transport allowance (NTA) and the administrative charge.
He also advised all petroleum marketers to operate with the price band advised by the agency.
Since March 2020 when crude oil prices fell significantly below $20 per barrel due to effects of COVID-19 on global demand for crude oil, the Nigerian Government announced the removal of fuel subsidy and introduction of price modulation.
The pump price was fixed at N125 per litre in March and was reviewed downwards in April to N123.50.
In June, pump price was adjusted to N121.50 and in July, it was adjusted to N143.80 per litre.
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