BREAKING: Petrol pump price hikes from N121.50 to

The pump price of petrol has been hiked to N140.80/143.80 per litre from N121.50 per litre.

The Petroleum Products Pricing Regulatory Agency (PPPRA) made this public on Wednesday.

PPPRA stated that the new retail price band to marketers which is contained in a circular is dated July 1, 2020.

Onyxnews Nigeria reports that the statement was signed by its Executive Secretary, Abdulkadir Saudi.

The statement read thus: “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 – 143.80/litre for the month of July, 2020.”

The pump price of petrol was on June 1, 2020 reduced to N121.50 per litre from N123 per litre.

Previously, the federal government had made an announcement of a drop in price of petrol pump.

The Petroleum Products Pricing Regulatory Agency (PPPRA) issued the fresh approval.

The recent order was stated in a circular passed to fuel marketers. A 2 Naira band has been removed from the price of Premium Motor Spirit (PMS).

A litre will now sell for between N121.50 to N123.50. The PPPRA had on March 31 fixed a price band of N123.50 to N125 per litre.