The Federal Government has further reduced the price of petrol from N125/litre to N123.5/litre.
The reduction, which was effected on Tuesday night after a stakeholders’ meeting in Abuja, was announced by the Petroleum Products Pricing Regulatory Agency.
Addressing the media on the reduction, the Executive Secretary of the PMS pricing regulatory agency, Abdulkadir Saidu, said: “PPPRA, in line with the government’s approval for a monthly review of Premium Motor Spirit 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.”