The federal government has announced an increase in the pump price of petrol, saying the increase was a result of prevailing market fundamentals in the month of June.
TheNewsGuru.com (TNG) reports the Petroleum Products Pricing Regulatory Agency (PPPRA) made this known in a circular on Wednesday, advising all marketers to operate a new price band of N140.80 to N143.80 per litre.
Recall that the regulatory agency had on May 31, 2020 announced a price band of N121.50 to N123.50 per litre for the product.
PPRA, announcing the new price band for petrol for the month of July, said the decision was reached after considering marketers’ realistic operating costs.
“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 PPPR,” reads the circular signed by Abdulkadir Saidu, Executive Secretary, PPPRA.