The Petroleum Products Pricing Regulatory Agency (PPPRA), has announced a further reduction in pump price of Premium Motor Spirit, commonly known as petrol, from N123.50 per litre N121.50.
The PPPRA announced this in a circular to fuel marketers dated May 31, 2020.
The price of crude oil on the global market, had seen a sharp drop as a result of the spread of coronavirus.
The Nigerian National Petroleum Corporation (NNPC) had as a result announced a reduction in the ex-depot price of petrol from N113.28k per litre to N108.00K per litre across all its products loading facilities as well as in its throughput operations on May 7.
This is the third time the pump price of petrol would be reviewed in the last three months.
Recall that the federal government had on March 18 reduced the pump price from N145 to N125 per litre.
Again, on March 31 the government further announced a reduction of price from N125 to N123.50per litre.
