The Federal government has further reduced the pump price of Premium Motor Spirit (PMS) to N123.50 per litre.
This is coming barely two weeks after it was reduced from N145 to N125 per litre.
The new price was announcement on Tuesday night in a statement by the Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA). The decision takes effect from today, April 1, 2020.
The statement 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 Ist April 2020, shall apply to all 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.”