Nigerian Government Reduces Fuel Price Again
Federal Government of Nigeria Reduces Petrol Pump Price to N121.50 Per Litre
The Petroleum Products Pricing Regulatory Agency (PPPRA ) has announced the reduction of the pump price of the Premium Motor Spirit (PMS) to N121.50 from N123 per litre.
The PPPRA in its memo titled "A.4/9/017/C.2/IV/70131" also disclosed that the ex-depot price band is now N100.13 and N108.13 per litre while ex-depot for collection is N108.78 and N111.78 per litre for the month of June.
Oil marketers have been directed to comply and operate within the latest indicative prices for June.
In a letter signed by the Executive Secretary of PPPRA, Abdulkadir Saidu, memo released to that effect by the oil products price regulatory agency in Nigeria reads: "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 price with corresponding Ex-Depot price for the month of June, 2020, as follows:
"Price Band: N121.50 and N123.50 per litre. Ex-Depot Corresponding: N104.13/Litre. Ex-Depot for Collection: N109.78 and N111.78/Litre."
This new guiding pump price band of N121.50 and N123.00 per litre shall remain through the month of June, 2020 until the Agency resets for July. Although PPPRA and other relevant regulatory Agencies continues to monitor compliance to extant regulations, some marketers are involved in price inflation.
By Adedayo Osho
01 June, 2020