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Reduction in Fuel Pump Price Short-lived as Nigerian Govt Announces Fresh Increment
The Petroleum Products pricing Regulatory Agency (PPPRA) on Wednesday announced a new price band for premium Motor Spirit (PMS) also known as petrol.
In a circular dated July 1,2020, forwarded to our marketers, the agency unveiled a new price regime of #140.80 to #143.80 per litre for the month.
The PPPRA had match 19 established a monthly price band within which Petroleum marketers are expected to sell petrol at the retail stations. It subsequently slashed the pump price of petrol from #145 per litre to #123 per litre in a bid to cushion the effect of the covid_19 lockdown on Nigerians.
In June, the agency effected a further reduction in the fuel pump price and bought it down from #123.50k per litre to #121.50k per litre.
In Wednesday circular, PPPRA said it took the decision after reviewing the prevailing market fundamentals for last month.

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