Nigeria’s Federal Government has slightly reduced the Premium Motor Spirit (PMS), also known as petrol to N121.50 per litre from N123.50.
The agency that is saddled with the responsibility of determining the appropriate prices for petroleum products, the Petroleum Products Pricing Regulatory Agency (PPPRA) disclosed this in a letter to products marketers.
According to the 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,” released on Monday in Abuja, the new price is N2 less than the pump of N123.50 per litre it announced for May.
“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.
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.
It also fixed the ex-depot price of the commodity at between N102.13 and N104.13 per litre, and ex-depot price for collection at between N109.78 and N111.78 per litre.
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.