The new price of petrol is now N121.50, the Petroleum Products Pricing Regulatory Agency has revealed. The PPPRA made the announcement in a circular to fuel marketers dated May 31, 2020.
The circular read: 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.
Just In: FG Reduces Petrol Price To N125
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.
Petrol: FG Reduces Pump Price Further, See New Pump Price
However, recall the Nigerian government has reduced petrol price from N145 to N120 following the crash of oil.
The price of petrol has dropped to N120 from N145 following an approval given by President Muhammadu Buhari.
The decision was taken after a presentation by the Minister of State, Petroleum, Mr Timipre Sylva to the Federal Executive Council on Wednesday.
Nigerian government and the Nigerian National Petroleum Corporation confirmed the new price of N125 per litre on Twitter.
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