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FG increases price of petrol to N143. 80 per litre




Petroleum Products Pricing Regulatory Agency (PPPRA) on Wednesday announced that marketers are now to sell the Premium Motor Spirit (PMS) or petrol for N143.80 per litre.

According to a letter by the Executive Secretary, Alhaji  Abdulkadir Saidu to marketers, the price is for this month.

The letter, which The Nation obtained in Abuja, was entitled: “Advised Price for Premium Motor Spirit  (PMS)in the Month of July 2020.”

It 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 band of N143, 80 -N143.80/litre, 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.”

The agency had last week announced the full deregulation of the price of petrol fully.

This is the first price hike that the downstream market is fixing for the product after the liberalisation.  Petrol had hitherto sold for N123.50 per litre.