Lagos — Nigeria has again slashed pump price for Premium Motor Spirit, PMS also known as petro. The new price is N121.50 per litre from N125 few months back.
In a memo with reference number A.4/9/017/C.2/IV/701 addressed to marketers but obtained by SweetcrudeReports, and released by the Petroleum Products Pricing Regulatory Agency, PPPRA on Monday, the agency advised that the product must not be sold outside the band of N121.50 to N123.50 per litre.
It also fixed the band for ex-depot price at between N102.13 and N103.13 per litre.
The memo “Guiding Price for Premium Motor Spirit (PMS) in the month of June,” and dated May 31 reads: “Please recall the recent approved pricing regime which became effective 19 of 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 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 corresponding ex-depot price for the month of June 2020, as follows; “Price band N121.50 – N123.50 per litre.
“Ex-Depot Price N102.13 – N104.13 per litre. Ex-Depot for collection N109.78 – N111.78 per litre.
“All marketers are advised to operate within the indicative prices as advised by the PPPRA,” the memo said.