Just In: FG increases petrol price to N140.80 per litre

Just In: FG increases petrol price to N140.80 per litre

The Federal Government has on Wednesday pegged the nation’s price of Premium Motor Spirit, PMS, popularly known as petrol for July 2020, at N140.80 per litre.

The Petroleum Products Pricing Monitoring Agency, PPPRA, disclosed this through its website.

According to the PPPRA, “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.

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“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.”

It added: “Kindly note that the Ex-depot for collection includes the statutory charges of Bridging Fund, Marine transport Average, National Transport Allowance and the Administrative charge. All marketers are advised to operate within the indicative prices as advised by PPPRA.”

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