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THE Federal Government has again reduced the pump price of the premium motor spirit (PMS) popularly known as petrol from N125 per litre to N123.50k effective from Wednesday, April 1, 2020.
A statement issued Tuesday night by the Petroleum Products Pricing Regulatory Agency (PPPRA) which contains the new price said the new price regime was in line with the government approval for a monthly review.
President Muhammadu Buhari had on March 18 approved the reduction of the pump price of petrol from N145 to N125 to reflect the declining price of crude oil globally.
The price reduction was announced after the Federal Executive Council (FEC) meeting held at the Presidential Villa in Abuja, by the Minister of State on Petroleum Resources, Timipre Sylva in a statement.
He cited the drop in the price of crude oil at the global market leading to the reduced open market price of imported petrol below the official pump price of N145 per litre.
According to the PPPRA statement signed by its Executive Secretary, Abdulkadir Saidu, “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,” the statement added.