In two months, the Petroleum Products Pricing Regulatory Agency (PPPRA) has again increased the price band of N151.56 per litre for Premium Motor Spirit, PMS also known as petrol.
The PPPRA had, in a circular of July 1, 2020 to marketers, announced a new price band of N140.80 to N143.80 per litre for PMS, saying “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.”
The new PMS price was contained in a memo released by the Pipelines and Product Marketing Company and signed by D.O Abalaka.
The Nigerian Government had in March said the pump price of petrol would be determined by market forces, stating that how much Nigerians would pay would be largely determined by the international prices of crude oil.
The memo reads, “Please be informed that a new product price adjustment has been effected on our payment platform.
“To this end, the price of Premium Motor Spirit (PMS) is now one hundred and fifty-one naira, fifty-six kobo (N151.56k) per litre. This takes effect from September 2, 2020.”