While everyone has been happy so far with the current petrol pump price of ₦125 per litre, the PPPRA (Petroleum Products Pricing Regulatory Agency) has recently announced an unexpected increment to ₦143 with immediate effect. This news will definitely take everyone by surprise as it is coming just a few days after the federal government announced a temporary lift of interstate travel ban.
The Federal Government through the PPPRA has recently announced that Petrol fuel price is no more ₦125 per litre but ₦143
New press reports claim that the PPPRA made this disclosure in a recent circular sent to fuel marketers all over the country which is actually dated 1st of July, 2020.
While the decision might take many people by surprise and come as unexpected to fuel buyers; the reports are stating that the decision is actually in compliance with the monthly review process which has been approved by the federal government before now. Yes, this means that the PPPRA has the right to review the pump price of petroleum products every month and subsequently make adjustments whenever they feel its right.
Abdulkadir Saidu – the executive secretary of PPPRA in his recent statement said that this new Guiding price will come to immediate effect starting from July 1st and it’s expected to be applied by all the petroleum product retailers across Nigeria for this month of July. Below is a photo of the PPPRA circular confirming this new petrol pump price increment.
New PPPRA circular confirming the increment of petrol pump price from ₦125 to ₦143 per litre for the new month
Meanwhile, the federal government is continuing its second phase of lockdown ease amidst the COVID-19 pandemic. See press report video below:
Coronavirus Pandemic: FG extends the second phase of eased lockdown by four weeks