Federal government increases petrol price to N143.80

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) announced this on Wednesday.

It said a new price band of N140.80 to N143.80 per litre will apply for petrol

The PPPRA, in a circular dated July 1, 2020 to marketers, said: “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 per litre for the month of July 2020.

“All marketers are advised to operate within the indicative prices as advised by the PPPRA.”

The agency on May 31, 2020 announced a price band of N121.50 to N123.50 per litre for the product.