The Federal Government has announced another reduction of the pump price of the Premium Motor Spirit (PMS) to N123.50 per litre.
Petroleum Products Pricing Regulatory Agency (PPPRA), Executive Secretary, Mr Abdulkadir Saidu, disclosed this in a statement in Abuja, Nigeria’s capital on Tuesday night, March 31.
The Petroleum Products Pricing Regulatory Agency Executive Secretary said the new petrol pump price takes effect from today, April 1, 2020.
His words: “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,” he said.
Meanwhile, the development is coming after the Federal Government had last month decreased the pump price from a maximum band of N145 per litre to N125 per litre consequent upon the decline of the crude oil prices.