The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced a further reduction in the pump price of petrol from N125 to N123.50.
This is the second time a reduction in price will be announced by the Nigerian government in less than two month.
A statement released by Executive Secretary, Mr. Abdulkadir Saidu, shows that the new price takes effect from today, April 1, 2020.
The statement, in part, 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.”