The Petroleum Product Pricing Regulatory Agency (PPPRA) has announced an upward review of the retail pump price of petrol from the previous N121.50 .
This was revealed in a circular dated July 1st, where the downstream regulator said oil marketers are now expected to sell petrol within the price range of N140.80 and N143.80.
The circular reads in part;
“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 of N140.80 to 143.80/Litre for the month of July 2020.”