The Nigerian government has announced an increase in the pump price Premium Motor Spirit (PMS), also known as petrol from N121.50 to N140.80 to N143.80 per litre.
This was announced by Petroleum Products Pricing Regulatory Agency, PPPRA, in a circular dated July 1, 2020 to marketers,
The agency 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.
“All marketers are advised to operate within the indicative prices as advised by the PPPRA.”
On May 31, 2020, the agency announced a price band of N121.50 to N123.50 per litre for the product.
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