FOLLOWING a further drop in the prices of crude oil at the international market to $20 per barrel, the Federal Government has announced another reduction in the pump price of petrol from N125 per litre to N123.50k effective from Wednesday, April 1, 2020.
A statement on Tuesday night he Petroleum Products Pricing Regulatory Agency, PPPRA, the new price regime is in line with the government approval for a monthly review.
The statement was signed by PPPRA Executive Secretary, Abdulkadir Saidu.
The Federal Government had earlier ordered that the premium motor spirit, otherwise known as petrol price be reduced from N145 per litre to N125 as part of measures to cushion the effects of Coronavirus (Covid-19).
READ THE STATEMENT BELOW
“PPPRA, in line with the Government approval for a monthly review of Premium Motor Spirit (PMS) pump price, hereby announces Guiding PMS pump price of N123.50 per Litre.
“The Guiding price which becomes effective 1st April 2020, shall apply at all retail outlets nationwide for the month of April, 2020.
“PPPRA and other relevant regulatory Agencies shall continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector.
“Members of the Public and all Oil Marketing Companies are to be guided accordingly.”