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FG cuts petrol pump price to N121.50 per liter

The Petroleum Products Pricing Regulatory Agency (PPPRA) has just revealed that the pump price of the Premium Motor Spirit is now N121.50 from the earlier price of N123 per liter.

This information was revealed in a Memo titled “A.4/9/017/C.2/IV/701 31“, the PPPRA in its memo had also revealed that the ex-depot price band will now be N100.13 and N108.78 per liter, while the ex-depot for collections will be N108.78 and N111.78 per liter for the month of June, 2020.

PMS marketers have been ordered to obey this new order and operate with the given prices, the memo reads in parts that:
“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, as follows:Ex- depot for Price Band: N100.13 and N108.78 per liter. Ex-Depot for Collection: N108. 78 N111.78 per Litre.”

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