Premium Motor Spirit, simply known as PMS, may sell for N150 per litre in August as marketers are pushing for an upward review.
This is coming after the Petroleum Products Pricing Regulatory Agency (PPPRA ) announced an increase of the product to a band of N140.80 to N143.80 per litre in July. Prior 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 a source who spoke to The Nation said 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 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 ).”