The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced another reduction in the pump price of petrol from N125 per litre to N123.50 per litre.
The price was on March 18, 2020 reduced from N145.50 to N125 because of the glut in the international oil market.
The latest reduction was announced by the agency through a statement signed by its Executive Secretary, Mr. 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,” the statement said.
He added that the 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.
The statement noted that from April 1, it would start a new pricing modulation that would reflect the global market fundamental.
MM/GIK/APA