The Federal Government has increased the pump price of Premium Motor Spirit popularly known as petrol to N143.80 per litre.
The Petroleum Products Pricing Regulatory Agency (PPPRA ) announced this in a circular to marketers on Wednesday.
In a letter signed by its Executive Secretary, Alhaji Abdulkadir Saidu to marketers, PPPRA said the price is for July.
The letter read: “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. ”
It would be recalled that the agency had last week announced that the Federal Government has deregulated the price of petrol fully.
This is the first price hike the downstream market is fixing for the product after the liberalisation.
The petrol had hitherto sold for N123.50 per litre.
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