FG further reduces pump price of petrol to N123.50 per litre

The Petroleum Products Pricing Regulatory Agency (PPPRA) has
announced further reduction of the pump price of Premium Motor Spirit (PMS)
also known as petrol from N125 to N123.50k per litre.

The agency made the announcement in a statement singed by
its Executive Secretary, Abdulkadir Saidu, in Abuja on Tuesday night.

“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.”

He added that PPPRA and other relevant regulatory agencies
would continue to monitor compliance to extant regulations for a sustainable
downstream petroleum sector.

Saidu noted that members of the public and all Oil Marketing
Companies are to be guided accordingly.

News Agency of Nigeria (NAN) recalls that the agency had on
March 18 reduced the pump price of PMS from N145.00 to N125.00.

It noted that from April 1, it would start a new pricing
modulation that would reflect the global market fundamental.