The retail price of petrol across Nigeria should be reduced by at least N1.50, the regulatory agency, PPPRA has said.

According to a memo the PPPRA sent to petrol marketers and depot owners, the retail price of petrol across Nigeria should now be between N121.50 and N123.50 per litre.

The former approved price was between N123.50 and N125 per lit, meaning both the lower and upper limits of the new petrol retail price was reduced.

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The agency also reduced the price depot owners are to buy the product from the NNPC and sell to marketers.

Details later…

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Bassey Udo is PREMIUM TIMES’ Business & Economy Editor. He has covered finance, energy, oil, gas & extractive industries for over a decade. He is a winner of the Wole Soyinka Award for Investigative Journalism, and the Thomson Reuters Foundation (Wealth of Nations) Award for Business Reporting. Bassey is an alumnus of the U.S. International Visitors Leadership Programme. Twitter: @ba_udo



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