The Petroleum Products Pricing Regulatory Agency (PPPRA) on Monday announced the reduction of the pump price of the Premium Motor Spirit (PMS) to N121.50 from N123 per litre.
This is the second time the agency is reducing the pump price of petrol within two months.
According to its guidelines price for the month of June 2020, 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.
In a memo titled “A.4/9/017/C.2/IV/701 31“, the agency urged all marketers to operatensure within the indicative prices.
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.
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