Federal Government Reduces Petrol Pump Price To N121.50

The Petroleum Products Pricing Regulatory Agency (PPPRA), which is an agency of the federal government responsible for the regulation of petrol price, on May 31, 2020, announced a new pump price band of N121.50 from N123.50 per litre for petrol.

The PPPRA  sent out a memorandum  titled “A.4/9/017/C.2/IV/701 31“ ordering all pertroleum marketers to operatensure within the indicative prices. Quoted below is the statement.

“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.”