The Petroleum Product Price Regulatory Authority (PPPRA) announced a new retail price range for oil sellers.
In a circular dated May 31 that Tropics.ng saw, downstream regulators stated that oil sellers now expect to sell gasoline within the price range of N121.50 and N123.50. Part of the notice says:
“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.”