FG increases petrol pump price to N140

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The Petroleum Product Pricing Regulatory Agency (PPPRA)  has recommended an upward review of the retail pump price of petrol from the previous N121.50 to between N140.80 and N143.80.

The statement, which was signed by Abdulkadir Saidu, PPPRA executive secretary, and seen by The Cable read:

“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.”

He further said that the ex-depot for collection includes the statutory charges of bridging funds, maritime transport average, National Transport Allowance, and administrative charges.

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