The Petroleum Products Pricing Regulatory Agency (PPPRA) has reduced the retail pump price of petrol to N121.50 per litre from the present N123.50.

The regulatory agency announced the new retail price band to marketers in a May 31 circular seen by our medium on Monday.

According to the memo, marketers are expected to sell petrol between a price band of N121.50 and N123.50.

“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,” the circular read.

“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 federal government, in March, announced that the retail price of petrol would be adjusted monthly to reflect realities in the global crude oil market.

The pump price was fixed at N125 per litre in March and was reviewed downwards in April to N123.50.

In May, only the ex-depot price was reviewed downwards to N108.