The Federal Government has increased the pump price of Premium Motor Spirit popularly known as petrol to N143.80 per litre.
The Petroleum Products Pricing Regulatory Agency (PPPRA ) introduced this in a round to entrepreneurs on Wednesday.
In a letter signed by its Executive Secretary, Alhaji Abdulkadir Saidu to entrepreneurs, PPPRA mentioned the worth is for July.
The letter learn: “Advised value for Premium Motor Spirit (PMS)within the Month of July 2020.
“Please recall the supply for the institution of a month-to-month value band inside which Petroleum Marketers are anticipated to promote PMS on the retail stations, primarily based on the present value regime.
“After a evaluate of the prevailing market fundamentals within the month of June and contemplating Marketers’ real looking working prices, as a lot as practicable, we want to advise a brand new PMS pump value band of N143, 80 -N143.80/litres, for the month of July, 2020.
“Kindly word that the Ex-depot for assortment consists of the statutory prices of Bridging Fund, Marine Transport Average, National Transport Allowance (NTA ) and the Administrative cost.
“All entrepreneurs are suggested to function throughout the indicative costs as suggested by the PPPRA. ”
It could be recalled that the company had final week introduced that the Federal Government has deregulated the worth of petrol totally.
This is the primary value hike the downstream market is fixing for the product after the liberalisation.
The petrol had hitherto bought for N123.50 per litre.