-By Divine-Favour Efemena
Premium Motor Spirit (PMS) regulator, Petroleum Product Pricing Regulatory Agency (PPPRA) has announced an upward review of the retail pump price of petrol from the previous N121.50.
This was revealed in a circular dated July 1st, where the downstream regulator said oil marketers are now expected to sell petrol within the price range of N140.80 and N143.80.
The circular reads in part;
“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 of N140.80 to 143.80/Litre for the month of July 2020.”
It will be recalled that PPPRA has reviewed PMS prices three times this year. Twice during lockdown where it reduced the prices of PMS and in July, as crude oil price increases, it has upped it to 143.80 per litre.
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