Petrol Pump Price May Increase This Month | Details

A recent report has revealed that petroleum marketers are pushing for the upward review of the Premium Motor Spirit (PMS), also known as petrol N150 per litre for the month of August following increase in the prices of crude oil.

The Petroleum Products Pricing Regulatory Agency (PPPRA ) last month announced increase of the product to a band of N140.80 to N143.80 per litre.It was the first time the agency approved a new price after removal of petrol subsidy.

Prior to the July 1 hike, the agency had on May 1, approved price band of N121.50 to N123.50 per litre for the product.

READ ALSO: FG Increases Pump Price Of Petrol | Details

Meanwhile, a reliable source at the meeting today told The Nation that the marketers were seeking a further increase in the price owing to the soaring priced of crude oil in the international market. The Brent Crude that sold for $43.24 per barrel in July sells for $44.03 per barrel. According to her:

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“We are now in the meeting to fix a new petrol price for the month of August. We are asking the PPPRA to approve N150 per litre because the prices of crude oil have increased and there is no subsidy on the product.

“You will hear the announcement of the new price around four o’clock today (Tuesday ).”