FG reduces petrol pump price to N121.50 per litre

Adebayo Obajemu

The Petroleum Products Pricing Regulatory Agency (PPPRA ) on Monday announced the reduction of the pump price of petrol to N121.50 from N123 per litre.

In a circular released by PPPPRA, the Government agency said: “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-Depo corresponding. 13 N104. 13/Litre Ex-Depot for Collection: N109. 78 N1 1 1. 78/Litre.”