Petroleum Products Price Regulatory Agency (PPPRA) has reduced the petroleum pump price to N121.50.
According to a circular that was sent on the 31st of May, Marketers are now expected to sell petrol between the price range of N121.50 and N123.50.
Please recall that pricing regime was sanctioned And was fully effective on march 19th 2020 which involves petroleum marketers were expected to sell PMS at retail stations; while provisions were also made for the monthly price brand.
The circular that was sent to fuel marketers reads;
“After a review of 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 price with corresponding ex-depot price for the month of June 2020, as follows; price band N121.50 – N123.50 per litre.
“Ex-Depot price N102.13 – N104.13 per litre. Ex-Depot for collection N109.78 – N111.78 per litre. All marketers are advised to operate within the indicative prices as advised by the PPPRA.”
The federal government In March made a statement that fuel pump price will be regulated as such that it will be reflective of current realities.
Pump price was N125/liter at the time the statement was made while It reduced to N123.50 in April.
(C) Control TV 2020.
