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

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 operate sure 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.”

The federal government, in March, announced that the retail price of petrol would be adjusted monthly to reflect realities in the global crude oil market.

The pump price was fixed at N125 per litre in March and was reviewed downwards in April to N123.50.

In May, only the ex-depot price was reviewed downwards to N108.

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