The Federal Government has revised the price of Premium Motor Spirit, otherwise known as petrol.
This was disclosed by the Petroleum Products Pricing Regulatory Agency (PPPRA) today Tuesday, July 1.
Consequently, the agency has announced a new price band of N140.80 to N143.80 per litre.
National Infinity reports that the PPPRA had revised the price of petrol to between N121.50 to N123.50 per litre on May 30.
Specifically, the PPPRA communicated the new petrol price to marketers in a circular released on Wednesday. The decision was based on rising operating costs and market fundamentals.
“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.
“All marketers are advised to operate within the indicative prices as advised by the PPPRA.”