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Petro marketers want PMS price increase to N150 per litre in August

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Nigerians may soon experience another increase in pump price of Premium Motor Spirit (PMS) also known as Petro, as marketers are pushing for an upward review. 

The push for increase arouse after the Petroleum Products Pricing Regulatory Agency (PPPRA ) announced an increase in price of the product to a band of N140.80 to N143.80 per litre in July

 Preceding to the July 1 hike, the agency had approved price band of N121.50 to N123.50 per litre for the product on May 1. 

 However, it was gather that marketers are seeking a further increase in the price of PMS due to the soaring price of crude oil in the international market. It was further learnt that Brent Crude which sold for $43.24 per barrel in July, is currently selling for $44.03 per barrel.

 

The inside source 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 N150 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).”

 

From the foregoing petrol may sell for N150 per litre in August.

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