Barely one month after the federal government reduced the pump price of petrol to N121.50k to N123.50k per litre, petrol price has increased to N143.80k per litre.

The Petroleum Products Pricing Regulatory Agency (PPPRA) made the announcement in a circular released to petrol marketers on July 1, 2020.

The circular 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 per litre for the month of July 2020.

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

Nigerians have however expressed worry over the increase in prices of goods and services as it is the tradition with the nation.  While there was no reduction in the cost of transportation in the month of June, Nigerians will have to pay more, no thanks to transporters.

The president Muhammadu Buhari administration has failed to fulfill their campaign promise of selling petrol at less than N87 per litre, a price they met when they assumed office in May 2015.