FG reduces petrol price to N121.50

The Petroleum Products Pricing Regulatory Agency has announced that the new price of petrol is N121.50

The PPPRA made the announcement in a circular to fuel marketers dated May 31, 2020, instructing them to strictly adhere to the new changes in price.

FG reduces petrol price to N121.50

The circular reads:

Please recall the recently approved pricing regime which became effective March 19, 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 circular read.

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.

Recall the pump price of petrol was on March 18, 2020 reduced to N125 per litre from N145 per litre, causing many Nigerians to hail the decision of the president to ease the financial burdens on citizens amidst the ongoing coronavirus pandemic

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