Nigerian government has reversed its decision on fuel price, increasing it from N125 to N148.80 per litre.
The latest increase of the premium motor spirit which was announced by Petroleum Products Pricing Regulatory Agency (PPPRA) on Wednesday is coming as the country tries to navigate through the economic downturn caused by the covid-19 pandemic.
The agency said a new price band of N140.80 to N143.80 per litre will apply for petrol
In a circular made available by the agency today, it reads,
“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.”
The agency on May 31, 2020 announced a price band of N121.50 to N123.50 per litre for