The federal government has reversed the downward review of fuel pump price which it recently announced and has gone ahead to hike the price of the product.
The Petroleum Products Pricing Regulatory Agency (PPPRA) announced the new price band of N140.80 to N143.80 per litre for Premium Motor Spirit, also known as petrol.
Sources at the Abuja headquarters of the agency said the rise in petrol price was primarily due to the increase in global crude oil prices.
A circular released on Wednesday July 1, from the PPPRA to marketers read;
“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 federal government, in March, announced that the retail price of petrol would be adjusted monthly to reflect realities in the global crude oil market.
On May 31, 2020, the PPPRA announced a price band of N121.50 to N123.50 per litre for the product.