FG slashes petrol pump price to N123.50 per litre

Federal Government has announced a reduction of the pump price of the Premium Motor Spirit (PMS) to N123.50 per litre.

This was disclosed in an announcement by Mr. Abdulkadir Saidu, Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), saying the new price regime takes effect from today, April 1, 2020.

In a statement in Abuja on Tuesday night, he said: “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.”

The Federal Government had last month decreased the pump price from a maximum band of N145 per litre to N125 per litre following the crash of the crude oil prices.