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FG Further Reduces Fuel Pump Price To N121.50k/Litre



The nation’s downstream petro- leum industry regulator, the Petro￾leum Products Pricing Regulato￾ry Agency (PPPRA) has approved the reduction of the price of premi￾um motor spirit (PMS) otherwise known as petrol to a range between N121.50 and N123.50 per litre.
Similarly, the ex-depot has been
slash from N108.00K per litre an￾nounced by the NNPC in May to
N102.13 per litre with an upper lim￾it price of N104.13 per litre.
According to a letter written by
the agency directing petroleum
products marketers to adopt the new
price template, PPPRA said it was
guided by prevailing fundamentals
in the month of May in making the
“After a review of the prevailing
market fundamentals in the month
of May and considering markets’
realistic operating cost as much as
practicable, we wish to advice of a
new PMS guiding pump price for
the month of June as follows:
“Price band: N121.50 – N123.50;
Ex-Depot price: N102.13 –
N104.13; and Ex-Depot for collec￾tion: N109.78 – N111.78.”
The agency advised all marketers
to operate with the new pump price
from June, 1, 2020.
Recall that PPPRA introduced a
new pricing regime in March this
year and promised to provide a
monthly price range within which
marketers are expected to sell pet- rol at retail stations.
The scheme came on the heels of
recent announcement by the Group
managing director of the Nigerian
National Petroleum Corporation
(NNPC), Mallam Mele Kyari, that
the government will no longer sub- sidize the price of petrol, implying
that the downstream deregulation.