JUST IN: FG Reduces Petrol Pump Price To N123.50 Litre

The Federal Government has announced a reduction of the pump price of petrol  to N123.50 per litre.

A statement issued by Petroleum Products Pricing Regulatory Agency (PPPRA), Executive Secretary, Mr Abdulkadir Saidu, on Tuesday in Abuja said the new price takes effect from today, April 1, 2020.

According to the statement, “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.

Read Also: Open Market Price Of Petrol Drops To N114.53 Per Litre – PPPRA(Opens in a new browser tab)

Solacebase recalled that the Federal Government on March 19, 2020 reduced the pump price of petrol from N145 per litre to N125 per litre due to the fall in crude oil prices as a result of COVID-19.

The statement said, “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 said.