FG reduces petrol pump price from N123 to N121.50 per litre

The price of the Premium Motor Spirit known as petrol has been reduced to N121.50 per litre.

The reduction was closely cut-down from N123.50 by the Petroleum Products Pricing Regulatory Agency (PPPRA) a regulatory body in Nigeria on Monday.

The new development was contained in the circular directed to oil marketers nationwide.

According to its guidelines price for the month of June 2020, the ex-depot price band is now N100. 13 and N108. 13 per litre while 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 within the indicative prices.

The PPPPRA said: “Please recall the recently approved pricing regime which became effective 19th March 2020 and the provision for the establishment of a monthly price band within which Petroleum Marketers are expected to sell PMS at the retail stations.

” After a review of the prevailing market fundamentals in the month of May and considering Marketers’ realistic operating costs, as much as practicable, we wish to advise of a new PMS guiding pump mice with corresponding Ex-Depot price 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.”