The Federal Government has announced a further reduction in the pump price of the Premium Motor Spirit (PMS) to N123.50 per litre.
The new price takes effect from Wednesday, April 1, 2020.
This was disclosed in a statement by the Executive Secretary Petroleum Products Pricing Regulatory Agency (PPPRA), Mr. Abdulkadir Saidu, in Abuja on Tuesday.
In a statement said: “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.
READ ALSO: BREAKING: FG Cuts Petrol Price To N130
“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.”
Recall that the Federal Government had in March reduced the pump price of fuel to N125.
Prior to that, the product had sold for between N143 and N145.
The reductions have been as a result of the fall in the price of crude oil occasioned by the coronavirus pandemic that has brought the world to its knee
