The Petroleum Products Regulatory Agency, PPRA, has increases the pump price of petrol , PMS,from the N123 per liter it stood to N140/ 143 for the month of April.
The government had slashed the price from the prevailing N147 to N23 following the fall in the international spot price from $55 bpd to $26 for Brent crude during the battle for control of the market between Russia and Saudi Arabia in March and April. The oil price currently stands at $42.8 for Brent crude and between $40 and $38 for Mars, Open basket and WTI Crude.
PPRA in a statement son Wednesday, said, “After a review of the prevailing market fundamentals in the mont of June and considering marketers’s operational cots, as much as practicable, we wish to advise a new PMS oump price brand of N140.80 to N143.80 per litre for the month of July 2020”
