The Petroleum Products Pricing Regulatory Agency (PPPRA) has introduced a brand new value band of N140.80 to N143.80 per litre for Premium Motor Spirit, also referred to as petrol.
The PPPRA, in a an advise to oil marketers dated July 1, 2020 stated: “After a evaluation of the prevailing market fundamentals within the month of June and contemplating entrepreneurs’ sensible working prices, as a lot as practicable, we want to advise a brand new PMS pump value band of N140.80-N143.80 per litre for the month of July 2020.”
“All entrepreneurs are suggested to function throughout the indicative costs as suggested by the PPPRA.”
The agency had on March 31, 2020 introduced a value band of N121.50 to N123.50 per litre for the product.
Oil prices have largely rebounded from a low of close to $10 a barrel in April to about $40 a barrel today, leading to a rise in the landing price of petroleum products.