The federal government has, on Monday, June 1, slashed the pump price of Premium Motor Spirit (PMS) also known as petrol to N121.50 per litre.
Its agency, Petroleum Products Pricing Regulatory Agency (PPPRA), announced the latest reduction in fuel price through a memo with reference number A.4/9/017/C.2/IV/701 addressed to marketers.
The agency warned marketers not to sell fuel beyond N121.50 to N123.50 per litre price bracket.
The agency in the memo,also fixed ex-depot price of the product between N102.13 and N103.13 per litre.
The memo : “Guiding Price for Premium Motor Spirit (PMS) in the month of June,” dated May 31 reads: “Please recall the recent approved pricing regime which became effective 19 of 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 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.”