The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced a new pump price band of N121.50 to N123.50 per litre for petrol in Nigeria.
In a letter to petroleum products marketers, the PPPRA disclosed that the new price band for PMS is now N121.50 per litre and N123.50 per litre, meaning that no marketer is allowed to sell above the highest price range of N123.50.
The PPPPRA 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.
The pump price of petrol was reduced by the Federal Government to N125 per litre from N145 per litre on March 18, 2020, effective March 19.