FG raises petrol pump price from N121 to N140/

The Federal Government has increased the retail pump price of petrol from N121.50 to N140.80 per litre. 

Disclosing this in a statement, the Petroleum Product Pricing Regulatory Agency (PPPRA) said the new price is now between N140.80 and N143.80 per litre.

“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,” the statement read. 

“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.”

The agency urged all petroleum marketers to ensure complaince with newly approved price.

The Federal government had in March announced that the retail price of petrol would be adjusted monthly to reflect realities in the global crude oil market.

The pump price was fixed at N125 per litre in March and was was consequently reviewed in April to N123.50 and was further adjusted to N121.50 in June.