The Federal Government yesterday further reduced the Pump Price of fuel from N123.50/litre to N121.50/litre.
Recall, Nigeria is operating an 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.
The Petroleum Products Pricing Regulatory Agency (PPPRA) has however, reviewed the Price Band from N123.50/Litre to N121.50/Litre, Depot Price from 104.13/Litre to N102.13/Litre and Depot for Collection from 111.78/Litre to N109.78/Litre respectively.
The Executive Secretary, PPPRA, Abdulkadir Saidu in a statement said, “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 price with corresponding Ex-Depot price for the month of June, 2020, as follows:
“Price Band: N121,50 – N123.50/Litre Ex-Depot Price: N102. 13 -N104. 13/Litre Ex-Depot for Collection: N109. 78 -N1 1 1. 78/Litre.
“All Marketers are advised to operate within the indicative prices as advised by the PPPRA,” the statement said.