The Petroleum Products Pricing Regulatory Agency has increased the pump price of petrol to N140.80/143.80 per litre from the present N121.50 per litre.
The regulatory agency announced the new retail price band to marketers in a circular dated July 1, 2020 and signed by its Executive Secretary, Abdulkadir Saudi.
The pump price of petrol was on June 1, 2020 reduced to N121.50 per litre from N123 per litre.
“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 – 143.80/litre for the month of July, 2020,” part of the circular read.
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