The Federal Government owned Petroleum Products Pricing Regulatory Agency – PPPRA, has recommended an upward review in the price of Premium Motor Spirit [PMS] otherwise called petrol to be sold between N140.80 and N143.80.
This is despite the harsh economic weather prevailing on the citizens majority of them are vulnerable. Many of them have lost their purchasing power due to the lock down, inter – state restrictions, among other abysmal situations.
”Please recall the provisions for the establishment of a monthly price band within which petroleum markets are expected to sell at the retail stations based on the existing price regime,” the Agency said while reviewing the proposal.
”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 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 reviewed downwards in April to N123.50.
In May, only the ex-depot price was reviewed downwards – N108 and retail price was adjusted to N121 and N125 in June. Nigerians have been reacting to the new development.