The Federal Government has increased the pump price of Premium Motor Spirit (PMS), also known as petrol from N140.80 to N143.80 per litre.
This increment was disclosed in a statement released on Wednesday by the Executive Secretary, Petroleum Products Pricing Regulatory Agency (PPPRA), Abdulkadir Saidu.
“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 per litre for the month of July 2020,” the statement read.
“All marketers are advised to operate within the indicative prices as advised by the PPPRA.”
In April, the Federal Government had announced a reduction of the petrol pump to N123.50 per litre.
This upward review in petrol price comes only hours after a UK based newspaper, The Guardian revealed that the petrol that Nigeria buys from Europe is dirty and harmful.
According to laboratory analysis: “Black market fuel made from stolen oil in rudimentary “bush” refineries hidden deep in the creeks and swamps of the Niger Delta is less polluting than the highly toxic diesel and petrol that Europe exports to Nigeria”, the newspaper reported.