Federal Government Increases Fuel Pump Price
The regulatory agency announced the new retail price band to marketers in a circular dated July 1, 2020, and signed by its Executive Secretary, Abdulkadir Saudi.
The pump price of petrol was on June 1, 2020, reduced to N121.50 per litre from N123 per litre.
“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 – 143.80/litre for the month of July 2020,” part of the circular read.
“All marketers are advised to operate within the indicative prices as advised by the PPPRA.”
The agency on May 31, 2020 announced a price band of N121.50 to N123.50 per litre for the product.
Ayooluwa Joshua