FG Will increase Petrol Pump Value To N143.80

FG Will increase Petrol Pump Value To N143.80

The Petroleum Merchandise Pricing Regulatory Company has introduced a brand new value band of N140.80 to N143.80 per litre for Premium Motor Spirit, often known as petrol.

Sources on the Abuja headquarters of the company stated the rise in petrol value was primarily as a result of enhance in international crude oil costs.

A round launched on Wednesday July 1, from the PPPRA to entrepreneurs reads;

“After a evaluation of the prevailing market fundamentals within the month of June and contemplating entrepreneurs’ lifelike working prices, as a lot as practicable, we want to advise a brand new PMS pump value band of N140.80-N143.80 per litre for the month of July 2020.

All entrepreneurs are suggested to function throughout the indicative costs as suggested by the PPPRA.”

The federal authorities, in March, introduced that the retail value of petrol could be adjusted month-to-month to replicate realities within the international crude oil market. On Might 31, 2020, the PPPRA introduced a value band of N121.50 to N123.50 per litre for the product.