The nation’s downstream petro- leum industry regulator, the Petroleum Products Pricing Regulatory Agency (PPPRA) has approved the reduction of the price of premium motor spirit (PMS) otherwise known as petrol to a range between N121.50 and N123.50 per litre.
Similarly, the ex-depot has been
slash from N108.00K per litre announced by the NNPC in May to N102.13 per litre with an upper limit price of N104.13 per litre.
According to a letter written by
the agency directing petroleum
products marketers to adopt the new price template, PPPRA said it was guided by prevailing fundamentals in the month of May in making the decision.
“After a review of the prevailing
market fundamentals in the month of May and considering markets’ realistic operating cost as much as practicable, we wish to advice of a new PMS guiding pump price for the month of June as follows:
“Price band: N121.50 – N123.50;
Ex-Depot price: N102.13 –
N104.13; and Ex-Depot for collection: N109.78 – N111.78.”
The agency advised all marketers
to operate with the new pump price from June, 1, 2020.
Recall that PPPRA introduced a
new pricing regime in March this
year and promised to provide a
monthly price range within which marketers are expected to sell pet- rol at retail stations.
The scheme came on the heels of
recent announcement by the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, that the government will no longer sub- sidize the price of petrol, implying that the downstream deregulation.
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