The Federal Government has increased the pump price of Premium Motor Spirit, also known as petrol from N140.80 to N143.80 per litre.

The Petroleum Products Pricing Regulatory Agency (PPPRA) announced the increment in a statement issued by its Executive Secretary, Abdulkadir Saidu on Wednesday.

“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 per litre for the month of July 2020,” the statement read.

“All marketers are advised to operate within the indicative prices as advised by the PPPRA.”

In April, the Federal Government had announced a reduction of the petrol pump to N123.50 per litre.