The Petroleum Products Pricing Regulatory Agency (PPPRA) has slightly reduced the pump price of Premium Motor Spirit (PMS), also known as petrol to N121.50 per litre from N123.50.
The agency disclosed this in a letter to marketers 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,” released on Monday in Abuja.
“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,’’ it said.
According to the agency, 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.
Ex-depot price of commodity is the price the product is sold to depot owners while the ex-depot collection price is the price the product is sold to retail outlet owners.