The federal government has announced a hike in the pump price of premium motor spirit (PMS) from N123.50 to N143.80, the Petroleum Products Pricing Regulatory Agency (PPRA) announced today.
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.”
Many observers may find PPPRA’s intervention confusing as the government had earlier announced a full deregulation of the petroleum downstream sector.
