The Petroleum Products Pricing Regulatory Agency (PPPRA) has advised a new Premium Motor Spirit (PMS) pump price band of N140.80 -N143.80/Litre, for the month of July, 2020.
The pump price of petrol was on June 1, 2020 reduced to N121.50 per litre from N123 per litre and has now been hiked to N140.80/ N143.80 per litre.
The PPPRA Executive Director, Abdulkadir Saidu made this known in a memo to Petroleum Products Marketers on Wednesday.
He noted in the memo, that the new price was arrived at after review of the prevailing market fundamentals in the month of June and considering Marketers’ realistic operating costs, as much as practicable.
The memo with title, “Advised Price for Premium Motor Spirit (PMS) in the Month of July”, read thus, “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.
“Kindly note that the Ex-depot for collection includes the statutory charges of Bridging Fund, Marine Transport Average, National Transport Allowance (NTA) and the Administrative charge.
“All Marketers are advised to operate within the indicative prices as advised by the PPPRA”, Saidu ended.
