Following the drop of crude oil prices in the international market, the President Muhammadu Buhari has slashed the price of Premium Motor Spirit, PMS, popularly known as petrol, to N123.50 per litre, with effect from April 1, 2020.
iBrandTV reported that the Federal Government had on March 18, announced a reduction in the price of fuel from N145 per litre to N125 per litre.
The new price, which would last throughout the month of April, is a reduction of N1.50, from N125 earlier stated.
Moreso, shortly after the announcement of the reduction, the PPPRA reported that there is the possibility of a new price regime for the commodity from April 1, noting that the new N125 per litre pump price would last till the end of March 2020.
However, the Executive Secretary of the Petroleum Products Pricing Regulatory Agency, PPPRA, Mr. Abdulkadir Saidu, in a statement in Abuja, Tuesday night, stated that the new price was in line with the approval of the Federal Government for a monthly review of of the price of petrol.
“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.”