Skip to main content

FG Increases Fuel Price


Consumers of petrol in the country would pay a 16.4 per cent increase in the price of petrol for the month of July, the Petroleum Products Pricing Regulatory Agency (PPPRA) announced on Wednesday.




The agency said the approved new retail price for petrol for the month will vary between N140.80 and N143.80 per litre price band.

The new price arrangement replaces the previous price band of N121.50 and N123.50 per litre announced by the agency for June 2020.

"After a review of the prevailing market fundamentals in the month of June, and considering marketers' realistic operating costs as well as practicable, we (PPPRA) wish to advise a new PMS (premium motor spirit) pump price band of N140.80-N143.80 per litre for the month of July 2020 the new retail price band for premium motor spirit (PMS), popularly called petrol, for June 2020.

"Kindly note that the ex-depot price for collection includes the statutory charges of bridging fund, marine transportation average, National Transport Allowance (NTA) and administrative charge. All marketers are advised to operate within the indicative prices as advised by the PPPRA."

The new price band was contained in a memo No. PPPRA.4/9/017/C.2/IV/705 the agency sent to petroleum products marketers on Wednesday, July 1.

With the new price, the implication is that all petroleum products marketing companies throughout the country are permitted to sell at any price with the approved price band of N140.80 (lower limit) and N143.80 (upper limit) during the month.

The lower limit represents the least retail price per litre a marketer can dispense fuel, while the upper limit is the ceiling retail price the marketer cannot exceed in dispensing the product.

In line with the approved price modulation template, marketers can sell the product at any price within the band during the period.

The PPPRA did not announce all the details on how it arrived at the new price band, including the ex-depot price band for depot owners or terminal operators for the month as well as all other components of the fuel pricing template.

The ex-depot price band for the previous month was N102.13 and N104.13 per litre, while ex-depot price band for marketers' collection was N109.78 and 111.78 per litre.

The ex-depot price is the price depot owners or terminal operators can lift petroleum products from the Nigerian National Petroleum Corporation (NNPC) depots for distribution at the retail outlets.

The increase in prices is belived to be a reflection of the global rise in the price of crude oil to around $40 per barrel from less than $30 it was sold over a month ago.



Source: Premium times

Comments

Post a Comment

Popular posts from this blog

Abuja Bank Robbery: Police Arrest Alleged Mastermind source: Channels The Federal Capital Territory Police Command has arrested the mastermind of the foiled robbery of a first-generation ba nk in the Mpape area of Abuja last Saturday. The suspect, a barman identified as Ernest was nabbed at his hideout by police detectives and is presently being held at the command headquarters by old CBN building, Garki, Abuja. The police had earlier arrested four suspects and gunned down the fourth member of the robbery gang identified as Patrick during the operation. The FCT Commissioner of Police, Bala Ciroma, had on Tuesday paraded the gang members including a bank employee, Larry Ehizo, 30, Timothy Joe, 21, Princewill Obinna, 24 and Elijah David, 19. Ehizo who allegedly drove the gang members to the bank claimed he was blackmailed by Ernest to carry out the heist. Narrating how the failed heist was executed, David said Ehizo informed the gang members that the r...
Post a Comment
Read more
GAMBIA PRESIDENT CALLS FOR IMPLEMENTATION OF ECOWAS PROTOCOLS  Banjul The President of Gambia,  Adama Barrow has stressed the need for ECOWAS member States to put sharper focus on the implementation of ECOWAS Protocols in order to achieve greater regional integration.  President Barrow, while declaring open on Thursday, the Parliamentary Seminar for the Outgoing Fourth Legislature of the ECOWAS Parliament, taking place in Banjul, Gambia, pointed out that institutional capacity remains a major driver of regional integration and must therefore be prioritized.  The Gambian President, while also bemoaning the high rate of youths migration into Europe,  charged political leaders in the subregion to seek to entrench the respect for the fundamental principles of good governance and dialogue as a means of conflict resolution, in order to provide the needed environment for young people to thrive. "We are saddened by the dangerous journeys our youths...
Post a Comment
Read more

LIBERIA JEWEL TAYLOR CHALLENGE ECOWAS PARLIAMENT ON GENDER EQUALITY

The vice President of Liberia has challenged the ECOWAS Parliament to push for appropriate implementation of the community protocol on gender and human equality across regional and local governments. Vice President Jewel Taylor made this request while concluding her keynote address presented before the Plenary at the official opening of the First Ordinary Session of the ECOWAS Parliament seating in Abuja. Jewel stated that Gender equality is a fundamental human right, yet women are underrepresented in power and decision making roles, women around the region do not fully experience equal rights and their potential as economic, social and sustainable change-agents remains untapped. She said “Excellency, special guest, distinguish members of the ECOWAS Parliament, as I close, permit me to say I will be remiss if I remain silent at this august gathering of regional leaders about the perennial issue of the lack of gender inequality in our local and regional body politics; ...
Post a Comment
Read more