The federal government has raised the pump price of petrol to between N140.80 and N143.80 for July, in one of the highest price movement in the last few months.
In March this year, the government said that thenceforth the pump price of petrol, will be determined by market forces, stating that how much Nigerians will get the product at a retail price will be largely determined by the international prices of crude oil.
Making the announcement Wednesday, the Executive Director, Petroleum Products Pricing and Regulatory Agency (PPPRA), Saidu Abdulkadir, said that it arrived at the new price after putting into consideration the operating costs by marketers.
“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 “140.80 “143.80/litre, for the month of July, 2020,” he said.
Source: This Day