The price band of Petroleum Motor Spirit (PMS) popularly known as petrol, has been increased by the Federal Government of Nigeria.
The PMS is now expected to be sold between N140.80 – N143.80 per litre for the month of July 2020.
This was contained in a circular dated 1 July, 2020 sent by the Petroleum Products Pricing Regulatory Agency (PPPRA) to marketers.
The circular read in part, “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.”
Read also; China increase fuel prices for the first time in 2020
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 following the crash in oil prices.
The agency had in a statement signed by its Executive Secretary, Abdulkadir Saidu reiterated that it would be providing guiding prices for the marketers but would not confer on marketers the power to fix prices for the product as they deem fit.
“The agency shall monitor market trends and advise the NNPC and oil Marketing companies on the monthly market-based guiding price, which shall include retail prices at which the product shall be sold across the country.”
Written by;
Ifunanya Ikueze