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.
