The Federal Government Reduces Petrol Pump Price to N121.50 per litre

The Petroleum Products Pricing Regulatory Agency (PPPRA ) on Monday announced the reduction of the pump price of the Premium Motor Spirit (PMS) to N121.50 from N123 per litre.

According to its guidelines price for the month of June 2020, the ex-depot value band is now N100. 13 and N108. 13 per litre whereas ex-depot for collection is N108. 78 and N111.78 per litre.

In a memo titled “A.4/9/017/C.2/IV/701 31“, the agency urged all marketers to operatensure throughout the indicative costs.

The PPPPRA mentioned: “Please recall the lately permitted pricing regime which turned efficient 19th March 2020 and the availability for the institution of a month-to-month value band inside which Petroleum Marketers are anticipated to promote PMS on the retail stations.

” After a evaluation of the prevailing market fundamentals within the month of May and contemplating Marketers’ practical working prices, as a lot as practicable, we want to advise of a brand new PMS guiding pump mice with corresponding Ex-Depot value for the month of June, 2020, as follows:

“Price Band: N121. 50 N123. 50/Litre Ex-Depocorresponding. 13 N104. 13/Litre Ex-Depot for Collection: N109. 78 N1 1 1. 78/Litre.”

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