FG Shoots Up Petrol Pump Price To N143.80

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 FG Shoots Up Petrol Pump Price To N143.80

Zainab Tanimu

Kaduna, North -West, Nigeria
Federal Government on Wednesday announced a new pump price for Premium Motor Spirit, known as petrol.
The Petroleum Products Pricing Regulatory Agency, (PPPRA) on Wednesday announced the new price regime of N140.80 to N143.80 per litre.
In a circular dated July 1, the Agency stated that the decision was necessitated after a review of the prevailing market fundamentals in the month of June and that of marketers’ realistic operating costs. 
To make it practicable, the statement added, “we wish to advise a new PMS pump price band of N140.80-N143.80 per litre for the month of July 2020. 
The Executive Secretary of the Agency Mr. Saidu Abdulkadir had warned markers against selling above the price of N143.80 per litre as stipulated by the federal government.
“All marketers are advised to operate within the indicative prices as advised by the PPPRA.”
It would be called that in May 31, 2020, PPPRA had announced a price band of N121.50 to N123.50 per litre for the product.
However, sources at the PPPRA Abuja headquarter said the rise in petrol price for July might not be unconnected with the increase in global crude oil prices.