Petrol Price Increased

Petrol price has been increased.

NewsOne Nigeria reports that the Petroleum Products Pricing Regulatory Agency (PPPRA) has announced a new retail price band for oil marketers for the month of July amid Coronavirus in Nigeria.

The development, NewsOne Nigeria understands, was made in a circular dated July 1st, where the downstream regulator said oil marketers are now expected to sell petrol within the price range of N140.80 and N143.80.

The circular reads as thus; “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 of N140.80 to 143.80/Litre for the month of July 2020,” the PPPRA circular said on petrol price.