By Adedapo Adesanya
The Petroleum Products Pricing and Regulatory Agency (PPPRA) on Monday released the June pricing guideline for Premium Motor Spirit (PMS), bringing the price that Nigerians will buy petrol to as low as N121.50 kobo per litre.
The agency directed oil marketers to sell the commodity within the price band of N121.50 kobo – N123.50 kobo per litre effective June 1.
The ex-depot price of the commodity for June was also pegged between N102.13 kobo – N104.13 kobo per litre; while the ex-depot price for collection ranges from N109.78 kobo – N111.78 kobo per litre.
The PPPRA is officially empowered to regulate the price of petroleum prices and it reminded marketers of the recently approved pricing regime and provision for the establishment of a monthly price band for PMS, which became effective on March 19, 2020.
The agency in the circular wrote, “Please recall the recently approved pricing regime which became effective March 19, 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 the corresponding ex-depot price for the month of June 2020, as follows; price band N121.50 – N123.50 per liter.”
Business Post had earlier reported that oil marketers can now import oil, but they would not be allowed to determine the price of the commodity despite the fact that the downstream sector has been deregulated.
The decision was as a result of the urgent need to protect the public from undue exploitation and inordinate profiteering by the importers.
Dipo Olowookere