Nigerians, on Wednesday, kicked against the increase in the pump price of petrol by over N20 by the federal government, saying it was ill-timed.
A litre of fuel will now sell between N140.8 and N143.8 at retail stations across the country, up from the previous N121.50 and N123.50 band.
The increase came the same day the lifting of the ban on interstate travel by the federal government took effect. The ban was imposed to contain the spread of coronavirus.
Daily Trust reports that the increase was sequel to the recommendations given to the FG by the Petroleum Product Pricing Regulatory Agency (PPPRA) on the new price band.
“Please recall the provision for the establishment of a monthly price band within which petroleum marketers are expected to sell PMS at the retail stations, based on the existing price regime,” the PPPRA said.
Before the announcement of the new prices, the PPPRA Executive Secretary Abdulkadir Saidu said in an advisory: “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/litre for the month of July 2020.”
Source: News update