EHIME ALEX, Lagos
The Federal Government has jacked up the pump price of Premium Motor Spirit, popularly known as petrol to sell between N140.80 to N143.80 per litre for the month of July 2020.
The price increment, multiple news sources said, was announced by the Petroleum Products Pricing Regulatory Agency (PPPRA) in a statement issued by its Executive Secretary, Abdulkadir Saidu on Wednesday.
Saidu was quoted saying, “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.”
Recall that in April, the federal government had, following crashed of crude oil prices at the global market, reduced fuel pump price to N123.50 per litre.
In June, there was a slight reduction also as the price was fixed at N121.50 per litre.