PPPRA pegs PMS pump price between N121.50-N123.50 per litre in June
…Major oil marketers kick, seek consultation before unveiling price
The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced guiding pump price of Premium Motor Spirit (Petrol) ranging from N125. 50 to N123.50 per litre for major oil marketers and independent marketers for the month of June.
The PPPRA also announced that ex-depot price at N102.13 -N104.13 per litre, while ex-depot for collection is put at N109.78-N111.78 per litre.
The adjustment, Business day learnt, is in line with the government’s approval for a monthly review of PMS pump price, even though the corporation missed that of May, citing concerns of discussions with the Central Bank of Nigeria geared towards creating a foreign exchange window for major oil marketers.
In a statement on Monday, the PPPRA Executive Secretary, Abdulkadir Saidu, revealed that the guiding price comes into effect on June and is expected to apply at all retail outlets nationwide for the month of June.
He stated that PPPRA and other relevant regulatory Agencies will continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector.
“Members of the Public and all Oil Marketing Companies are to be guided accordingly”, Saidu noted.
Meanwhile Adetunji Oyebanji, Chairman of the Major Oil Marketers Association told BusinessDay that the PPPRA needs to consult wider before price pegging to ensure a more holistic response from marketers.
“The Central Bank of Nigeria, CBN always holds bankers’ committee meeting with bank officials before coming out with Monetary Policy Meeting. This is how it should be in order to get a holistic response,” he said.