The Petroleum products pricing regulatory Agency (PPPRA) in a circular dated 31st May 2020 distribute to Fuel Marketer indicates the reduction of Pump price to from N123 per Litre to N121.50 per litre.

The announcement read, "Please recall the recently approved pricing regime which became effective 19th march 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.

"After a review of the 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 mice with corresponding Ex-Depot price for the month of June, 2020, as follows:

"Price Band: N121.50 N123.50/Litre Ex-Depocorresponding. 13 N104.13/Litre Ex-Depot for Collection: N109.78 N111.78/Litre."