Nigeria further reduces petrol price to N121.50k/litre

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The Petroleum Products Pricing and Regulatory Agency (PPPRA) on Monday released the June pricing guideline for Premium Motor Spirit (petrol), directing oil marketers to sell the commodity within the price band of N121.50k-N123.50k per litre.

The ex-depot price of the commodity for June is between N102.13-N104.13 per litre; while the ex-depot price for collection ranges from N109.78-N111.78 per litre.

In the memo to the marketers, PPPRA reminded them of the recently approved pricing regime and provision for the establishment of a monthly price band for PMS, which became effective on March 19, 2020.

READ ALSO:Just in: Another fully loaded petrol tanker falls on Otedola bridge

Penultimate week, the Minister of State, Petroleum Resources, Mr Timipre Marlin Sylva, said that oil marketers alone would not be allowed to determine the price of the commodity despite the fact that the product, at the moment has been deregulated.

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He said the move stems from the urgent need to protect the public from undue exploitation and inordinate profiteering by the importers.

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