The Petroleum Products Pricing Regulatory Agency, PPPRA, has announced a brand new pump price band of N121.50 – N123.50 per litre for Premium Motor Spirit, PMS, also known as petrol.
The Federal Government Agency, disclosed this in a circular to fuel marketers dated May 31, 2020.
The drop in crude oil prices on the back of the spread of the coronavirus around the world, saw the landing cost of petrol hitting a record low in March, wiping off subsidy on the product.
The pump price of petrol, which is still being regulated by the Federal Government, was reduced to N125 per litre from N145 per litre, on March 18, 2020, effective March 19.
The PPPRA further announced on March 31, a price band of N123.50 to N125 per litre, effective April 1, before the latest announcement today.