The PPPRA says the recommended petrol retail band for a litre of petrol is now between N140.80 and N143.80.
The Petroleum Product Pricing Regulatory Agency (PPPRA) has recommended an upward review of the pump price of Premium Motor Spirit (PMS) from N121.50 to N140 per litre.
The agency explained that the recommended petrol retail band for a litre of petrol is now between N140.80 and N143.80, TheCable reports.
In a statement on Tuesday, June 30, 2020, agency said the price hike is based on the review of the market fundamentals and marketers operating costs in June.
The statement 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.”
This is coming a month after the Federal Government slashed the pump price from N123.50 per litre to N121.50.