FG Increases Cost of Petrol From N123:50 To N143:80 Effective July 1, 2020

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BY GRACE ANYANWU, ABUJA – The Federal Government on Wednesday announced an upward review of the pump price for Premium Motor Spirit popularly known as petrol.

The government through its regulatory agency, the Petroleum Products Pricing Regulatory Agency (PPPRA) which announced the new price band directed marketers to comply with selling the product between N140.80 to N143.80 per litre.

In a circular dated July 1, 2020 to marketers, the PPPRA said; “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 per litre for the month of July 2020.”

The PPPRA circular directed all marketers to operate within the indicative prices.

The Federal Government had through the PPPRA on May 31, 2020 announced a decrease in price band of N121.50 to N123.50 per litre for the product which was never complied with by most of the marketers.

It was gathered that the current price regime for petrol is primarily due to the increase in crude oil prices at the international market since petrol has been deregulated.

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