The Petroleum Products Pricing Regulatory Agency (PPPRA) on Monday announced a reduction in the price of premium motor spirit (PMS) also known as petrol.
The Federal Government agency said in a circular to fuel marketers dated May 31, 2020, that the new pump price band had been pegged at N121.50 to N123.50 per litre.
“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 circular read.
The PPPRA first reduced petrol pump price to N125 per litre from N145 on March 18, 2020, effective March 19.
It further announced on March 31 a price band of N123.50 to N125 per litre, effective April 1.