The Petroleum Products Pricing Regulatory Agency (PPPRA), has released a new guiding price for PMS otherwise known as petrol for the month of June 2020.
In a letter, 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,’ the PPPRA slashed the pump price of Premium Motor Spirit (PMS), also known as petrol from N123.50 per litre, to N121.50 per litre for the month of June, 2020.
the PPPRA advised oil marketers to abide by the prices as indicated by it.
The agency disclosed that 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.
The PPPRA also fixed the Ex-depot price of the commodity, which is the price the product is sold to depot owners, at between N102.13 and N104.13 per litre, and the Ex-depot for collection price, which is the price the product is sold to retail outlet owners, at between N109.78 and N111.78 per litre.
The regulatory agency 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 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.”
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