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FG increases the price of fuel back to N143

1 Mins read

A new price band of N140.80 to N143.80 per litre has been announced by the Petroleum Products Pricing Regulatory Agency 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 broadcasted on Wednesday, July 1, from the PPPRA to marketers 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 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, declared openly that the retail price of petrol would be adjsted monthly to reflect realities in the global crude oil market. On May 31, 2020, the PPPRA declared a price band of N121.50 to N123.50 per litre for the product

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