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The Petroleum Products Pricing Regulatory Agency, PPPRA, 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 memo to fuel marketers dated May 31, 2020.
According to the memo the PPPRA sent to petrol marketers and depot owners, the retail price of petrol across Nigeria would now be between N121.50 and N123.50 per litre.
The former approved price was between N123.50 and N125 per lit, meaning both the lower and upper limits of the new petrol retail price was reduced.
The agency also reduced the price depot owners are to buy the product from the NNPC and sell to marketers.
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.
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