Recently, The Petroleum Products Pricing Regulatory Agency (PPPRA), announced the cut down of Premium Motor Spirit (PMS), also known as petrol, to N121.50 per litre, N2.0 down from N123.50 per litre of last month making it the third reduction this year.
Following a circular dated May 31st, the downstream regulator has said oil marketers are now expected to sell petrol within the price range of N121.50 and N123.50. The circular also stated that the ‘Guiding Price for Premium Motor Spirit (PMS) in the Month of June 2020,’ has advised by PPPRA, that oil marketers are to abide by the new price.
PPPRA disclosed that the new price band for PMS is now N121.50 and N123.50 per litre, meaning that no petroleum product marketer is allowed to sell above the highest price range of N123.50.
For: Enefaa Bobmanuel
Head of Press.
Ministry of Petroleum Resources