Nigerian govt reduces petrol pump price to N121.5

The Petroleum Products Pricing Regulatory Agency (PPPRA) on Monday declared a new pump price band of N121.50 to N123.50 per litre for Premium Motors Spirit also known as petrol.

Oil marketers had last month forecasted a drop in the price of petrol in June.

The PPPRA made the announcement in a circular to fuel marketers dated 31^st May 2020 and released today.

Petrol’s landing cost reached a historic low in March on account of steep fall in oil prices triggered by the coronavirus lockdown.

Read also: Petrol pump price may fall by N8 per litre —Marketers

The pump price of petrol, which is still regulated by Nigerian government, was reviewed downward on 18^th March 2020 from N145 per litre to N125 with effect from 19^th March 2020.

On 31^st March, the PPPRA announced a price band of between N123.50 and N125 litre effective from 1^st April.

The Nigerian National Petroleum Corporation, which was the sole importer of petroleum products in the country until recently, lost the monopoly in May after which oil firms were handed licences by the PPPRA to import to begin to bring in imports as part of the liberalisation policy of the downstream sector.

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