FG increases petrol pump price to N143.80

The Petroleum Products Pricing Regulatory Agency has on Wednesday announced petrol pump price for the month of July at N140.80 per litre.

This was communicated in a letter to petroleum products marketers signed by PPPRA’s executive secretary, Abdulkadir Saidu, on Wednesday.

The letter reads: “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 N140.80 – N143.80/Litre, 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.”

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