The Petroleum Products Pricing Regulatory Agency (PPPRA) may increase the price of Premium Motor Spirit (PMS), petrol, from N143.80 to N150 per litre.
Earlier, PPPRA had recently increased the product to a band of N140.80 to N143.80 per litre. questions
Prior to the July 1 hike, the agency had on May 1, approved price band of N121.50 to N123.50 per litre for the product.
Yet a source on Tuesday told The Nation marketers are moving the month of August for the upward adjustment to N150 per litre.
The Brent Crude which sold in July for $43.24 per barrel sells for $44.03 per barrel.
“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 ).” She said