The Federal Government has announced a reduction of the pump price of the Premium Motor Spirit (PMS) to N123.50 per litre.
The new price takes effect from Wednesday, April 1, 2020.
According to the Petroleum Products Pricing Regulatory Agency (PPPRA) is in line with the Federal Government’s approval for a monthly review of PMS pump price.
“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,” a statement issued on Tuesday night by PPPRA Secretary, Abdulkadir Saidu, said.
Saidu in the statement added that the new price applies at all retail
outlets nationwide for the month of April 2020.
He added that PPPRA and other relevant regulatory agencies will continue to monitor compliance to extend regulations for a sustainable downstream petroleum sector.
The Federal Government had earlier on March 18 reduced the pump price of petrol to N125 per litre.
The Minister of State for Petroleum Resources, Mr Timipre Sylva, who made the announcement said it is believed that this measure will have a salutary effect on the economy, provide relief to Nigerians and will provide a framework for the sustainable supply of PMS to Nigeria.