Just In: FG reduces fuel price by N1.50

New pump price of the product is now N121.50.

Monday, June 1, 2020

/ by National Pivot

The pump price of Premium Motor Spirit (PMS) has been reduced by N1.50, by the Buhari government according to an announcement by the Petroleum Products Pricing Regulatory Agency (PPPRA ) on Monday.

With this reduction, the new pump price of the petroleum product is now N121.50 from N123 a litre. This reduction may not mean much, but under the Buhari administration things like this is gold.

According to the agency's guidelines price for the month of June 2020, 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.

In a memo titled “A.4/9/017/C.2/IV/701 31“, the agency urged all marketers to operatensure within the indicative prices.

The PPPPRA said: “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 mice with corresponding Ex-Depot price for the month of June, 2020, as follows:

“Price Band: N121. 50 N123. 50/Litre Ex-Depocorresponding. 13 N104. 13/Litre Ex-Depot for Collection: N109. 78 N1 1 1. 78/Litre.”

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