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FG slashes petrol pump price to N121.50 per litre

By Anthony Isaac

The Petroleum Products Pricing Regulatory Agency (PPPRA) has reduced the pump price of petrol to N121.50 per litre.

The agency in a memo to petrol marketers dated 31st of May, 2020, created a price band of N121.50 to N123.50 for the price of the product at filling stations.

The memo read: “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 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.”

The agency had on April 1, 2020, announced a new price of petrol of N123.50 per litre in continuation of government’s policy of deregulating the downstream sector of the petroleum industry.
In the new policy, pump prices will be adjusted monthly to reflect prevailing market price of the product.

Nigeria is the largest crude oil producer in Africa but imports almost all its refine products due to years of neglect of government owned refineries.

Written by ExpressDay

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