By Akinwale Kasali
Less than Six weeks after reducing the price of petrol on two occasions, the Petroleum Products Pricing Regulatory Agency (PPPRA) has announced a new retail price band for oil marketers for the month of July, amid Coronavirus crisis in Nigeria.
The increase , the magaizne gathered, was made in a circular dated July 1st, where the downstream regulator said oil marketers are now expected to sell petrol within the price range of N140.80 and N143.80.
The circular reads thus; “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,” the PPPRA circular said on petrol price.
Details and reactions, later…
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