Once Again, FG Slashes Price Of Petrol

The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced a new pump price for Premium Motor Spirit (PMS), also known as petrol.

According to the Agency, a litre of petrol will now sell at  N121.50. 

The new price is contained in a circular to fuel marketers dated May 31, 2020. 

The Federal Government had on March 18 reduced the price of fuel from N145 per litre to N125. 

In its guidelines price for June 2020, the ex-depot price band is now N100. 13 and N108. 13 per litre while ex-depot for collection is N108. 78 and N111.78 per litre.

In a memo titled “A.4/9/017/C.2/IV/701 31“, the PPPPRA said: “Please recall the recently approved pricing regime which became effective 19th 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 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 mice with corresponding Ex-Depot price for the month of June, 2020, as follows:

“Price Band: N121. 50 N123. 50/Litre Ex-Depocorresponding. 13 N104. 13/Litre Ex-Depot for Collection: N109. 78 N1 1 1. 78/Litre.”

This is coming a few days after President Muhammadu Buhari approved the reconstitution of the Board of the Nigerian National Petroleum Corporation (NNPC), after the expiration of the term of the board members appointed in 2016.

According to the statement signed by the Special Adviser to the President on Media and Publicity, Femi Adesina, the members of the new Board are Mohammed Lawal (North West), Tajudeen Umar (North East), Adamu Mahmood  Attah (North Central), Senator Magnus Abe (South South), Dr Stephen Dike (South East), and Chief Pius Akinyelure (South West).