Henceforth – and until determined otherwise by market dynamics – Premium Motor Spirit (PMS) aka petrol will sell at N123.50 per litre following an upward review of the ex-depot price of the commodity by the petroleum Products Pricing Regulatory Agency (PPPRA) for the month of June.
The ex-depot price was increased to N104.13 from N102.13/liter.
The ex-depot price is the price at which depot owners sell the commodity to retail outlets across the country.
This is reportedly contained in circular dated May 31, 2020 to all petroleum products marketers.
In the document, the PPPRA also increased the ex-depot collection from N109.78 to N111.78/litre.
The agency said the review became imperative after considering the prevailing market fundamentals in the month of May and Marketers’ realistic operation costs.