A new pump price of Petroleum Motor Spirit otherwise Petrol has been set by the Federal Government at between N140.80 to N143.80 per liter.
Announcing this development to all petroleum Products Marketer in a released circular dated 1st July, 2020, the Petroleum Products Pricing Regulatory Agency – PPPRA, stated that this decision was an outcome of a review of the prevailing market fundamentals in the month of June and considering Marketers realistic operating costs.
The letter reads:
“ADVISED PRICE FOR PREMIUM MOTOR SPIRIT (PMS)IN THE MONTH OF JULY 2020.
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 band of N143, 80 -N143.80/litres, for the month of July, 2020.
“Kindly note that the Ex-depot for collection includes the statutory charges of Bridging Fund, Marine Transport Average, National Transport Allowance (NTA ) and the Administrative charge.
“All marketers are advised to operate within the indicative prices as advised by the PPPRA.
Please accept the assurances of my highest esteem”