JUST IN: FG May Sell Petrol At ₦150 Per Litre

The Petroleum Products Pricing Regulatory Agency (PPPRA) may increase the price of Premium Motor Spirit (PMS), petrol, from ₦143.80 to ₦150 per litre.

Recall that the PPPRA had recently increased the product to a band of ₦140.80 to ₦143.80 per litre.

Prior to the July 1 hike, the agency had on May 1, approved price band of ₦121.50 to ₦123.50 per litre for the product.

But a source on Tuesday told The Nation that marketers are pushing for the upward review to ₦150 per litre for the month of August.

According to the source, marketers want the increase following the soaring price 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.

She said: “We are now in the meeting to fix a new petrol price for the month of August.

“We are asking the PPPRA to approve ₦150 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 ).”