FG Reduces Petrol Price Further to ₦123.50 per Litre

The Nigerian Government has approved the further reduction of Premium Motor Spirit (PMS) pump price to N123.50 per Litre.

The Executive Secretary, Petroleum Products Pricing Regulatory Agency Abdulkadir Saidu, announced the reduction on Tuesday night,

Saidu stated that the guiding price takes effect from April 1 2020, and shall apply at all retail outlets nationwide for the month of April, 2020.

PPPRA sets new PMS pump price at N123.5 per litre to take effect from April 1st. Read full statement below. pic.twitter.com/mrLzgXqFvQ

— NMDPRA (@NMDPRAtweets) March 31, 2020

According to him, the move is in line with the Nigerian Government’s approval for a monthly review of Premium Motor Spirit (PMS) pump price.

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

Saidu urged members of the public and all Oil Marketing Companies to be guided accordingly.

It would be recalled that the Nigerian Government had on the 19^th of March reduced the PMS pump price from N145 to N125.