The Federal Government has reduced the price of Premium Motor Spirit (PMS) popularly known as petrol to N123.50 per litre from the previous N125.
Mr. Abdulkadir Saidu, Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA) made the announcement in Abuja late Tuesday night.
According to Saidu, the new petrol price will be effective today April 1, 2020.
“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.”
It would be recalled that FG approved a reduction of PMS price from N145 to N125 per litre due to the crash in oil price on the global market, a ripple effect of the ravaging Coronavirus pandemic.