By Obas Esiedesa
The Petroleum Products Pricing Regulatory Agency (PPPRA) on Wednesday raised the pump price of petrol from 123.50 per litre to N143 per litre for the month of July.
PPPRA in a letter by its Executive Secretary, Mr. Abdulkadir Saidu to petroleum products marketers advised that petrol should be sold within the price band of N140.80-143.80 per litre.
Saidu in a circular dated July 1, 2020 to oil marketers explained that the upward review of the retail price band was necessary, given the market fundamentals in the month of June, and the need to put the incurred costs of marketers into consideration.
The circular reads: “Please recall that the provision for the establishment of a monthly price band within which petroleum marketers are expected to sell PMS at the retail station based on the existing rice 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 – N243.80/litre, from the month of July, 2020.
“Kindly note that the Ex depot for collection includes a statutory charges of Bridging funds, Marine Transport Average, National Transport Allowance (NTA) and the Administrative charge.
“All marketers are advised to operate within the indicative prices as advised by the PPPRA”.
Recall that the PPPRA had announced a pump price band of N121.50 to N123.50 per litre for petrol and a fixed band for ex-depot price at N102.13 to N104.13 per litre in the month of June.