BREAKING: FG reduces petrol pump price to N121.50


The Federal Government has announced a new pump price band of N121.50 to N123.50 per litre for Premium Motor Spirit, also known as petrol.

In a circular to fuel marketers dated May 31, 2020, and obtained by POLITICS NIGERIA on Monday, the Petroleum Products Pricing Regulatory Agency (PPRA) said the new pump price band is for the month of June.

The agency also asked marketers not to sell the product at filling stations across the country outside the band of N121.50 to N123.50 per litre. PPRA also fixed the band for ex-depot price at N102.13 to N103.13 per litre.

The circular reads: “Please recall the recent approved pricing regime which became effective 19 of 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 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 a 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.”

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