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The Fderal Government through the Petroleum Product Pricing Regulatory Agency (PPPRA) has announced an upward review of the retail pump price of petrol from the previous N121.50.
According to the agency, the recommended petrol retail band for a litre of petrol is now N140.80 – N143.80.
The Petroleum Products Pricing Regulatory Agency (PPPRA) announced the increment in a statement issued by its Executive Secretary, Abdulkadir Saidu on Wednesday.
“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,” the statement read.
“All marketers are advised to operate within the indicative prices as advised by the PPPRA.”
It would be recalled that in April, the Federal Government had announced a reduction of the petrol pump to N123.50 per litre.