Increase in the pump price of petroleum products is imminent as the Petroleum Product Pricing Regulatory Agency (PPPRA) on Wednesday recommended an upward review of the retail pump price of petrol from the previous N121.50 to between N140.89 to N143. 80.
In the wake of the COVID-19 pandemic outbreak in Nigeria, the PPPRA which the Federal Government agency charged with fixing petrol prices slashed pump price from N145 to N121.50 in three price downward review exercises.
But most petrol retail outlets refused to comply with the last exercise, hence petrol still sells in Abuja and most parts of Nigeria at N123.5 and above per litre.
As at press time, details of the new price regime were still sketchy.