Abuja — Tough times await Nigerians in the coming days, as the Petroleum Products Pricing Regulatory Agency, Wednesday, hiked the price by Premium Motor Spirit (PMS), also known as petrol, by 16.44 per cent to N143.80 per litre for the month of July 2020, from N123.50 per litre it announced in the month of June.
In a letter to petroleum products marketers, titled: ‘Advised price for premium motor spirit (PMS) in the month of July 2020’, Executive Secretary of the PPPRA, Mr. Saidu Abdulkadir, said the new price band was arrived at after considering the market fundamentals for June.
He said, “Please recall the provision for the establishment of a monthly price band within which petroleum marketers are expected to sell PMS at the retail stations, based on the existing price regime.
“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.
“Kindly note that the Ex-depot for collection includes the statutory charges of Bridging Fund, Marine transport Average, National Transport Allowance and the Administrative charge. All marketers are advised to operate within the indicative prices as advised by PPPRA.”