Nigeria Government reduces petrol price to N121.50 per liter

The Nigeria Government has again reduced the price of petrol, setting the new price band for the product between N121.50 and N123.50 per liter, according to a news report by This Day.

In a circular to petroleum marketers, the government, through the Petroleum Products Pricing Regulatory Agency (PPPRA), said that the new template would be operational for the month of June.

By the new release, according to the PPPRA, no marketer is allowed to sell above the higher price range of N123.50 for fuel.

In the letter, tagged to Guiding Price for Premium Motor Spirit (PMS) in the Month of June 2020,' the agency advised oil marketers to abide by the prices.

PPPRA 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 price with the corresponding ex-depot price for the month of June 2020. All marketers are advised to operate within the indicative prices as advised by the PPPRA," the agency added.