The Petroleum Product Pricing Regulatory Agency (PPPRA) on Wednesday announced an upward review of the retail pump price of petrol from the previous N121.50 to N140 per liter.
According to the agency, the recommended petrol retail band for a litre of petrol is now N140.80 – N143.80.
The PPPRA, in a circular dated July 1, 2020 to marketers, said, “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 agency had on May 31, 2020 announced a price band of N121.50 to N123.50 per litre for the product.