The Petroleum Products Pricing Regulatory Agency(PPPRA) has clarified that marketers can sell a litre of petrol from April 1,2020 within a N123.50 to N125 guiding price band.
A statement issued by the agency in April,after the announcement of a reduction in price to N123.50, titled, ‘Clarification on Premium Motor Spirit(petrol) Guiding Price Band For The Month Of April 2020,’ reads: “In line with the government approval of a new price regime, effective March 19,2020, in which there was a provision for the establishment of a price band within which oil marketing companies (OMCs) are expected to sell at the retail stations.
Accordingly, the PPPRA wishes to further clarify the Guiding Price Band of (effective 1st April 2020); N123.50 per litre–Lower Band and N125 per litre–Upper Band.
Members of the Public and all oil marketing companies are to be guided accordingly.”
The statement was signed by the Executive Secretary of the PPPRA, Abdukadir Saidu.
The upper band means that marketers cannot sell above N125 per litre and the lower band means that they cannot sell below N123.50 in April.
