PPPRA reduces petrol price to N121.50

The Petroleum Products Pricing Regulatory Agency has announced that the new price of petrol is N121.50

The PPPRA made the announcement in a circular to fuel marketers dated May 31, 2020, instructing them to strictly adhere to the new changes in price.

The Circular reads:

“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,” the circular read.

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.”

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