Kolawole Ojebisi
THE Petroleum Products Pricing Regulatory Agency, PPPRA, Wednesday, raised Nigeria’s fuel price for July 2020, to between N140.80 – N143.80 per litre.
This is an upward review from the previous N121.50 per litre.
The statement, which was signed by Abdulkadir Saidu, PPPRA executive secretary, and sighted by The New Diplomat read in part, “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 band of N140.80 – N143.80/litre for the month of July 2020.”
Saidu said the new ex-depot price includes the statutory charges of bridging fund, marine transport average, national transport allowance (NTA) and the administrative charge.
He also advised all petroleum marketers to operate with the price band advised by the agency.
It added: “Kindly note that the Ex-depot for collection includes the statutory charges of Bridging Fund, Marine transport Average, National Transport Allowance and the Administrative charge. All marketers are advised to operate within the indicative prices as advised by PPPRA.”
Recall that the federal government, in March, announced that the retail price of petrol would be adjusted monthly to reflect realities in the global crude oil market.
The pump price was fixed at N125 per litre in March and was reviewed downwards in April to N123.50.
In May, only the ex-depot price was reviewed downwards to N108 and the retail price was adjusted to N121.50 in June.
The price of crude oil increased to above $40 per barrel in June as a result of supply cuts agreed on by the Organisation of Petroleum Exporting Countries (OPEC) and increasing demand as economies reopen across the world.
