Following the increase in the prices of crude oil, Marketers are pushing for the upward review of the pump price of Premium Motor Spirit, PMS, also known as petrol, for N150 per litre, for the month of August,
The Petroleum Products Pricing Regulatory Agency, PPPRA, had last month, announced the increase of the product’s pump price to a band of N140.80 to N143.80 per litre.
Prior to the July 1, hike, the Agency had on May 1, approved the pump price band of N121.50 to N123.50 per litre for the product.
Meanwhile, a reliable source at the meeting on Tuesday, said that the Marketers are seeking for a further increase in the price, owing to the soaring price of crude oil in the international market.
The Brent Crude that sold for $43.24 per barrel in July, now 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 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).”
More later…