The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced a new retail price band for oil marketers.
In a circular dated July 1st, as seen by Swift Reporters the downstream regulator said oil marketers are now expected to sell petrol within the price range of N140.80 and N143.80.
Part of the circular said:
“Please recall the provision for the establishment of a monthly price band within which Petroleum Marketers are expected to sell PMS at the retail stations, based on the existing price 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 of N140.80 to 143.80/Litre for the month of July, 2020.”