The federal government yesterday announced a price template for the premium motor spirit popularly called petrol
The executive secretary of the Petroleum Products Pricing and Regulatory Agency (PPPRA), Mr. Saidu Abdulkadi who announced the price increase in a statement directed retail outlets to sell the product between N140.80 and N143.80 per litre for the month of July.
It would be recalled that the price of the product was fixed at N125 per litre in March and reviewed downwards to N123.50 in April.
The PPPRA, in the circular issued yesterday to marketers on the new price, warned them against selling above the N140 – N143.80 set by the government.
“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,” it said.
The agency said that the new ex-depot price includes the statutory charges of bridging fund, marine transport average, national transport allowance (NTA) and the administrative charge.
