The Petroleum Products Pricing Regulatory Agency, PPPRA, has announced a new pump price of N121.50 per litre.
The Agency in a letter to petrol marketers dated May 31, 2020, announced a price band of N121.50 to N123.50 for the price of the product at filling stations.
The letter read in part: “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 the 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 Agency had on April 1, 2020, announced a new pump price of N123.50 per litre in continuation of government’s policy of deregulating the downstream sector of the petroleum industry.
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In the new policy, pump prices will be adjusted monthly to reflect prevailing market price of the product. No pump price reduction was however announced for the month of May.
(Editor: Terverr Tyav)
