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FG Gives Reasons For Hiking Petrol Price To N143

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The Petroleum Products Pricing Regulatory Agency (PPPRA), has fixed the pump price band of Premium Motor Spirit (PMS), also known as petrol at between N140.80 and N143.80 per litre for the month of July.

Executive Secretary of the Agency Abdulkadir Saidu disclosed this in a memo to all Petroleum Products marketers released in Abuja on Wednesday.

The memo was titled `Advised price for Premium Motor Spirit (PMS) in the month of July 2020.’

“After a review of the prevailing market fundamentals in the month of June and considering marketers realistic operating cost, as much as practicable, we wish to advise that a new PMS pump price band of N140.80 toN143.80 per litre be for the month of July.

“All marketers are advised to operate within the indicative prices as advised by the PPPRA,’’ he said.
He added that the ex-depot for collection include the statutory charges of bridging fund, maritime transport average, National Transport Allowance and administrative charges.

The News Agency of Nigeria (NAN), recalls that since April, PPPRA had continue to issue a monthly price band of PMS for marketers.

In June, there was a slight reduction as the price was fixed at N121.50 per litre from N123.50 in May.
The July new price is N20.30 higher than the June price of N121.50 per litre.

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