By Harry Awurumibe, Head, ABUJA BUREAU
The Federal Government has announced further reduction in the pump price of petrol from N125 per litre to N123.50k effective from Wednesday, April 1, 2020.
Prompt News recalls that the premium motor spirit, otherwise known as petrol was reduced recently from N145 per litre to N125 as part of measures to cushion the effects of Coronavirus (Covid-19).
According to a statement released Tuesday night by the Petroleum Products Pricing Regulatory Agency, PPPRA, the new price regime is in line with the government approval for a monthly review.
The statement signed by PPPRA Executive Secretary, Abdulkadir Saidu, reads:
“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.”