As the federal government on Monday announced a new pump price band for Premium Motor Spirit (petrol) from N125.50/N123.50 per litre to N121.50/N123.50, petroleum products marketers in the country have promised to comply with the latest downstream pricing regime.
Speaking with journalists, the Executive Director of Major Oil Marketers Association of Nigeria (MOMAN), Mr. Clement Isong, said major marketers had already been told by the government that prevailing market fundamentals would be used to determine PMS price. Isong said marketers weren’t surprised with the new pump price, promising that they would comply with it.
The revised pricing band was contained in a circular issued by the Petroleum Products Pricing and Regulatory Agency (PPPRA) dated May 31, 2020 and sent to fuel marketers.
It would be recalled that pump price of petrol was reduced to N125 per litre from N145 on March 18, 2020 and subsequently revised to N123.50 per litre barely a week later.