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Home Business News

PPPRA reduces petrol price to N121.50 per litre

Olumide AdesinabyOlumide Adesina
3 years ago
in Business News, Politics
coping-with-possible-effects-of-fuel-subsidy-removal-in-nigeria
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The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced a new retail price band for oil marketers.

In a circular dated May 31st, as seen by Nairametrics, the downstream regulator said oil marketers are now expected to sell petrol within the price range of N121.50 and N123.50. Part of the circular said:

“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.

READ ALSO: NNPC GMD gives reasons for shutdown of refineries, to get private managers

“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 the corresponding ex-depot price for the month of June 2020, as follows; price band N121.50 – N123.50 per liter.”

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Tags: Business NewsFuel pump priceFuel SubsidyLow oil pricesNigeria NewsPPPRA

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