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Petrol stations rush to adjust pump price to N143.8 without claims of old stocks

Contrary to their usual delays and claims of old stocks when there was downward review of prices, petrol stations across Lagos State, Wednesday afternoon rushed to adjust upwards their respective petrol pump price within seconds of the announcement by the Petroleum Products Pricing Regulatory Agency (PPPRA).

It would be recalled that the pump price band for Premium Motor Spirit has been increased from N121.5 – N123.5/litre to N140.8 – N143.8/litre for the month of July 2020.

Wednesday that the Petroleum Products Pricing Regulatory Agency advised marketers to sell the commodity within the price band of N140.8 to N143.8/litre.

In June, the PPPRA had advised marketers to sell within the price band of N121.5 to N123.5/litre. But in a letter to all petroleum marketers dated July 1, 2020, with reference A.4/9/017/C.2/IV/705, and obtained by our correspondent in Abuja, the agency advised all dealers to operate within the new price range this month.

The letter, which was signed by the Executive Secretary, PPPRA, Abdulkadir Saidu, read in part, “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.”