Federal Government has once again slashed the price of Premium Motor Spirit (PMS) otherwise known as petrol to N121.50 per litre.
This was announced by the Petroleum Products Pricing Regulatory Agency (PPPRA) in a memo titled “A.4/9/017/C.2/IV/701 31“
The Petroleum agency noted that the new price became imperative after reviewing the market fundamentals and operating costs of marketers for the month of May. He urged all marketers to comply with the approved prices
“Please recall the recently approved pn’cing 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:
“Price Band: N121. 50 N123. 50/Litre Ex-Depo corresponding. 13 N104. 13/Litre Ex-Depot for Collection: N109. 78 N1 1 1. 78/Litre.”
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