The federal government has, on Monday, June 1, slashed the pump price of Premium Motor Spirit (PMS) also known as petrol to N121.50 per litre.

Its agency, Petroleum Products Pricing Regulatory Agency (PPPRA), announced the latest reduction in fuel price through a memo with reference number A.4/9/017/C.2/IV/701 addressed to marketers.

The agency warned marketers not to sell fuel beyond N121.50 to N123.50 per litre price bracket.

The agency in the memo,also fixed ex-depot price of the product between N102.13 and N103.13 per litre.


The memo : “Guiding Price for Premium Motor Spirit (PMS) in the month of June,” dated May 31 reads: “Please recall the recent approved pricing regime which became effective 19 of March 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.