Reduction in fuel pump price short-lived as Nigerian govt announces fresh increment

The Petroleum Products Pricing Regulatory Agency (PPPRA) on Wednesday announced a new price band for Premium Motor Spirit (PMS) also known as petrol.

In a circular dated July 1, 2020, forwarded to oil marketers, the agency unveiled a new price regime of N140.80 to N143.80 per litre for the month.

The PPPRA had March 19 established a monthly price band within which petroleum marketers are expected to sell petrol at the retail stations.

It subsequently slashed the pump price of petrol from N145 per litre to N123 per litre in a bid to cushion the effect of the COVID-19 lockdown on Nigerians.

READ ALSO: Nigerian govt removes fuel price cap, gives marketers the licence to fix price

In June, the agency effected a further reduction in the fuel pump price and brought it down from N123.50k per litre to N121.50k per litre.

In Wednesday’s circular, PPPRA said it took the decision after reviewing the prevailing market fundamentals for last month.

It 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 2020.

“All marketers are advised to operate within the indicative prices as advised by the PPPRA.”

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