The Federal government through the Petroleum Products Pricing Regulatory Agency (PPPRA), has announced a reduction in the pump price of petrol.
A statement signed by the PPPRA Executive Secretary, Abdulkadri Saidu, says the new retail price of petrol would be N123.50 beginning from today April 1st.
The new price is N1.50 lower than the N125 per litre announced on March 18th.
“The 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 April 1, 2020, shall apply at all retail outlets nationwide for the month of April, 2020.
“The 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.” he said
Recall that on March 18, the Federal Executive Council had approved a reduction of petrol pump price from N145 to N125.
After the slash of petrol pump price was announced, PPPRA announced that the federal government approved a monthly review of petrol price to reflect global crude oil market trends.