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FG reduces Petrol pump price to 121.50

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The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced the new pump price from N123.50 per litre to N121.50 for Premium Motor Spirit, also known as petrol.

The PPPRA made the announcement in a circular to fuel marketers dated May 31, 2020.

The pump price of petrol was on March 19, 2020 reduced to N125 per litre from N145 per litre.

“Please recall the recently approved pricing regime which became effective March 19, 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 circular read.

“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.”

Yusuf Luka, is a journalist by profession with few years of experience, I am also a graduate of Bingham University. Outside of work, I enjoy hiking with friends, Reading books, and Watching movies. Let's connect on social media.

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