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Petrol Pump Price Increases from ₦121 to ₦143

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Petrol at your closest filling station will now have the new price band of ₦140.80 to ₦143.80 per litre, as announced by the Petroleum Products Pricing Regulatory Agency (PPPRA).

In March, the Federal government announced the reduction of the price of petrol from ₦145 to ₦125 due to the global crude oil market. On May 31, the price went slightly down from ₦125 to ₦121 per litre.

According to Premium Times, the new pump price was announced in a circular on Wednesday, July 1. It reads:

After a review of the prevailing market fundamentals in the month of June, and considering marketers’ realistic operating costs as well as practicable, we (PPPRA) wish to advise a new PMS (premium motor spirit) pump price band of ₦140.80-₦143.80 per litre for the month of July 2020 the new retail price band for premium motor spirit (PMS), popularly called petrol, for June 2020.

Kindly note that the ex-depot price for collection includes the statutory charges of bridging fund, marine transportation average, National Transport Allowance (NTA) and administrative charge. All marketers are advised to operate within the indicative prices as advised by the PPPRA.