The Petroleum Products Price Regulatory Agency (PPPRA) has slashed the retail petroleum pump price to N121.50.

This new price model was contained in a circular sent to its marketers on Monday.

According to the circular, marketers are expected to sell petrol between a price range 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.”

Thelagostimes recalls that the pump price which was fixed at N125 per Litre in March, was reviewed downwwrds to N123.50 in April.