Government cuts petrol pump price to N121.50 per litre

Isola Moses | ConsumerConnect

Nigeria’s Petroleum Products Pricing Regulatory Agency (PPPRA) has announced the reduction of the pump price of petrol, otherwise known as Premium Motor Spirit (PMS), from existing N123 per litre to N121.50 per litre.

ConsumerConnect reports that the PPPRA in its guidelines price for June 2020 Monday, June 1 stated that the ex-depot price band is now N100. 13 and N108. 13 per litre, whereas ex-depot for collection is N108. 78 and N111.78 per litre.

The agency, in its memo titled, “A.4/9/017/C.2/IV/701 31“, advised all marketers to operate within the indicative prices.

The PPPRA 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.

The PPPRA stated that “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 N111.78/Litre.”

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