The Petroleum Product Pricing Regulatory Agency announced an upward review of the retail pump price of petrol from the previous N121.50.
The agency recommended that pump price of petrol should be within band of N140.80 and N143.80 per litre.
Executive Secretary of the Agency Abdulkadir Saidu disclosed this in a memo to all Petroleum Products marketers released in Abuja on Wednesday.
There have been controversy over the role of PPPRA under the current regime of deregulation which the Federal Government began implementation since April.
While the marketers want the government to hands off price issues and allow the market determine prices, the PPPRA insists that it has the regulatory responsibility to fix a band within which the product should be selling.
Diesel and kerosene have already been deregulated and their prices are market determined.
Analysts believe that the only sustainable way of implementing full deregulation of downstream sector of the Petroleum industry in Nigeria is to allow market-determined price regime.
