The Petroleum Products Pricing Regulatory Agency, in a circular to marketers dated May 31, 2020, announced a new pump price band of N121.50 to N123.50 per litre for petrol. The pump price of petrol was reduced to N125 per litre from N145 per litre on March 18, 2020, effective March 19. The Chief Executive Officer/Executive Secretary, Major Oil Marketers Association of Nigeria, Mr Clement Isong, said the price modulation by the government was hurting marketers’ businesses. Isong said many marketers had recorded losses following the recent reductions in the pump price of petrol as they still had old stocks when the price was adjusted. “As a law-abiding organisation, our members will comply with the new petrol price band,” Isong added.

Source: Punch June 02, 2020 05:37 UTC