The Petroleum Products Pricing Regulatory Agency (PPPRA) has reduced the pump price of Premium Motor Spirit, also known as petrol, from N123.50 to N121.50 per litre.
The PPPRA made this known in a circular to fuel marketers dated May 31 but went viral on Monday.
According to the memo, marketers are expected to sell petrol between a price band of N121.50 and N123.50.
The circular read: “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.
“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.”
Recall that the federal government had in March disclosed it would review the prices of petrol on monthly basis in line with happenings in the global crude oil market.
The federal government had on March 18 reduced the pump price of petrol from N145 per litre to N125 per litre.
It would further slash the price from N125 per litre to N123.50 on March 31 which took effect as from April 1.