The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced reduction in the pump price of the Premium Motor Spirit (PMS) to N121.50 from N123 per litre.
The PPPRA, in its memo titled “A.4/9/017/C.2/IV/701 31“, also stated that 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 for the month of June.
PPPRA directs marketers to comply and operate within the indicative prices. The memo reads; “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-Depot corresponding. 13 N104. 13/Litre Ex-Depot for Collection: N109. 78 N1 1 1. 78/Litre.”