The Petroleum Products Pricing Regulatory Agency, PPPRA, had announced a slight reduction in the pump price of the Premium Motor Spirit, PMS, in the country.
In a memo containing the new price guideline for the month of June, titled ‘A.4/9/017/C.2/IV/70131’, the PPPPRA pegged the petrol pump price band between N121 to N123 per litre.
According to the agency, 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.
To this end, the agency urged all marketers to operate within the new price band.
“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 price with corresponding Ex-Depot price for the month of June, 2020, as follows:
“Price Band: N121. 50 N123. 50/Litre Ex-Depo corresponding 13 N104. 13/Litre Ex-Depot for Collection: N109. 78 N1 1 1. 78/Litre,” the agency said.