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PPPRA reduces PMS pump price to N121.50 per litre

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Nigeria imports 4.87bn litres of petrol in Q1 – NBS

The Petroleum Products Pricing Regulatory Agency (PPPRA) has slightly reduced the pump price of Premium Motor Spirit (PMS), also known as petrol to N121.50 per litre from N123.50.

The agency disclosed this in a letter to marketers with reference number A.4/9/017/C.2/V/701 titled “Guiding Price for Premium Motor Spirit (PMS) in the Month of June 2020,” released on Monday in Abuja.

It was reported that the new price is N2 less than the pump of N123.50 per litre it announced for May.

“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.

“All marketers are advised to operate within the indicative prices as advised by the PPPRA,’’ it said.

According to the agency, the new price band for PMS is now N121.50 per litre and N123.50 per litre, meaning that no marketer is allowed to sell above the highest price range of N123.50.

It also fixed the ex-depot price of the commodity at between N102.13 and N104.13 per litre, and ex-depot price for collection at between N109.78 and N111.78 per litre.

Ex-depot price of commodity is the price the product is sold to depot owners while the ex-depot collection price is the price the product is sold to retail outlet owners.

Edith Ike-eboh

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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