Nigerian government reduces gas pump price to N121.5

The Petroleum Products Regulatory Agency (PPPRA) on Monday declared a new range of pump prices from N121.50 to N123.50 per liter for Premium Motors Spirit, also known as gasoline.

Oil traders had last month foreseen a drop in the price of gasoline in June.

Advertisement

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

The cost of landing gasoline reached a low historical level in March, due to the sharp drop in oil prices, triggered by the blockade of the coronavirus.

Read too: The price of the gas pump can drop N8 per liter.

Advertisement

The price of the gas pump, which is still regulated by the Nigerian government, was revised downward on 18º March 2020, from N145 per liter to N125, with effect from 19º March 2020.

In 31st In March, PPPRA announced a price range between N123.50 and N125 liter from 1st April.

Advertisement

The National Petroleum Corporation of Nigeria, which was the only importer of oil products in the country until recently, lost its monopoly in May, after which oil companies were licenses delivered PPPRA to import to start bringing imports as part of the liberalization policy of the downstream sector.

Ronald Adamolekun
Latest posts of Ronald Adamolekun (see it all)

Join the conversation

Opinions

Advertisement
Advertisement

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *