Nigeria’s Petroleum Products Pricing Regulatory Agency has announced an increase in the pump price of the premium motor spirit, also known as petrol.
The product will now cost between N140.80 to N143.80 per litre. The price review was disclosed by the PPPRA in a statement released Wednesday, July 1, 2020 and circulated to oil marketers.
The statement contained in a memo with reference No. PPPRA.4/9/017/C.2/IV/705 reads:
“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 pam price band of N140.80 – N143.80 per litre for the month of July 2020.”
“Kindly note that the ex-depot price for the collection includes the statutory charges of bridging fund, marine transportation average, National Transport Allowance (NTA) and administration charge. All marketers are advised to operate within the indicative prices as advised by the PPPRA.”
With the new price band, marketers are expected to sell not lower than the lower price band of N140.80 and not higher than the 143.80 band.
The price increased is believed to reflect the global hike in the price of crude oil per barrel to about $40 from $30 sold in June. This is in addition to the ex-depot and transport cost of the product.
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