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Buhari approves increase in prices of petrol, moves from N121.50 to N140.80 to N143.80 per litre

The Petroleum Products Pricing Regulatory Agency (PPPRA) on Wednesday announced a new price band of N140.80 to N143.80 per litre for Premium Motor Spirit, also known as petrol.

Sources said that the new price is in line with the deregulation in the downstream sector of the petroleum industry whereby the prices would now be dictated with global crude oil prices.

The PPPRA, in a circular dated July 1, 2020 to marketers, said: “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 had on May 31, 2020 announced a price band of N121.50 to N123.50 per litre for the product.

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