The Petroleum Products Pricing Regulatory Agency has announced a new
pump price band of N121.50 to N123.50 per litre for Premium Motor
Spirit, also known as petrol.
The PPPRA, which is an agency of
the Federal Government, disclosed this in a circular to fuel marketers
dated May 31, 2020, which was obtained by our correspondent on Monday.
The
sharp drop in crude oil prices on the back of the spread of coronavirus
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.
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