According to the agency, the recommended petrol retail band for a litre of petrol is now between N140.80 and N143.80.
“Please recall the provision for the establishment of a monthly price band within which petroleum marketers are expected to sell PMS at the retail stations, based on the existing price regime,” the statement seen by TheCable on Tuesday read.
“After a review of the prevailing market fundamentals in the month of June and considering marketers’ realistic operating costs, as much as practicable, we wish to advise a new PMS pump price band of N140.80 – N143.80/litre for the month of July 2020.”
Saidu said the new ex-depot price includes the statutory charges of bridging fund, marine transport average, national transport allowance (NTA) and the administrative charge.
He also advised all petroleum marketers to operate with the price band advised by the agency.
The federal government, in March, announced that the retail price of petrol would be adjusted monthly to reflect realities in the global crude oil market.