FG Cut Down Petrol Price to 123.50 per Litre

Federal Government has again reduced the pump price of petrol from the recently announced N125 per litre to N123.50 per litre.

FG announced a reduction of the pump price of Premium Motor Spirit (PMS) from N145 per litre to N125 per litre due to the sharp fall in the price of crude oil in the global market.

In a statement issued by the Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Abdulkadir Saidu, the new price takes effect from Wednesday, April 1, 2020.

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The statement said further: “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.”