The pump price band for Premium Motor Spirit has been increased from 121 naira 5kobo and 123.5 naira per litre to 140.8 and 143.8 naira per litre for the month of July 2020.

Stakeholders, including petroleum products marketers and the Manufacturers Association of Nigeria, said total deregulation rather than price control could drive the price below the current price.

Reports stated that the Petroleum Products Pricing Regulatory Agency advised marketers to sell the commodity within the price band of 140.8 and 143.8 naira per litre.

The agency urged marketers to note that the ex-depot price for petrol collection includes the statutory charges of bridging fund, marine transport average, national transport allowance and the administrative charge.

Executive Secretary, PPPRA, ABDULKADIR SAIDU, in a statement declared that a regulation for PMS had been established in collaboration with the Federal Ministry of Petroleum Resources and the Office of the Attorney-General of the Federation.