JUST IN: PPPRA crashes petrol pump price to N121.50 per litre, depot price now N102.13 per litre.

The Petroleum Products Pricing Regulatory Agency (PPPRA) on Monday released a new pump price band for the month of June with the least price of N121.50 per litre for Premium Motor Spirit (PMS), more popularly known as petrol.
The agency, in a memo with reference number A.4/9/017/C.2/IV/701 and addressed to marketers but obtained by New Telegraph, advised that the product must not be sold at filling stations across the country outside the band of N121.50 to N123.50 per litre
It also fixed the band for ex-depot price at N102.13 to N103.13 per litre.
The memo entitled: “Guiding Price for Premium Motor Spirit (PMS) in the month of June,” and dated May 31 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 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.”