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PPPRA jerks petrol pump price up to N143.80


The Federal Government, through its agency — the Petroleum Products Pricing Regulatory Agency (PPPRA) has announced the increase of pump price of Premium Motor Spirit [petrol] to N143.80 per litre.

PPPRA made the announcement on Wednesday, saying a new price band of N140.80 to N143.80 per litre will apply for petrol.

The agency, 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.”

See the attached document below:

Recall that the Petroleum Pricing Agency recently removed the price cap and implementation of a market-based pricing regime on petroleum products.

It stated that the government agency has handed off downstream oil sector and no longer fix price of petrol.

The Minister for Petroleum Resources, Mr. Timipre Sylva made the announcement in a statement which was confirmed by PPPRA.

See the attached document below:

It could be recalled that PPPRA has recently, on May 31, 2020, announced a downward review of the retail pump price of petrol to N121.50 .

It announced the reduction of the retail pump price of the Premium Motor Spirit, other wise known as petrol, to N121.50 per litre from the previous N123 per litre.

PPPRA broke the news on Monday, June 1, 2020, in a brief statement.

The Government agency had previously set a new PMS pump price at N123.5 per litre which took effect from April 1, 2020.

The announcement was captured in a statement dated March 31.

A petrol user, however, had anonymously complained that the previous N123 was never implemented by PPPRA.

He expressed hope that the N121.50 per litre will be implemented speedily.

One month later, however, the petrol price returned to its high side before the reduction started.

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