By OBINNA EZUGWU
The Federal government has effected and upward review of petroleum pump price.
The Petroleum Products Pricing Regulatory Agency which announced the review said a litre for Premium Motor Spirit, also known as petrol will now be sold for N143.80 up from N140.80.
The PPPRA, in a circular dated July 1, 2020 to marketers, said, “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 agency had on May 31, 2020 announced a price band of N121.50 to N123.50 per litre for the product.
The rise in petrol price for July was primarily due to the increase in global crude oil prices, as PMS had been deregulated.