FG reduces price of petrol by N1.50, now sells at N123.50

The Federal Government has further reduced the price of petrol by N1.50 and it is now to sell for N123.50 from this month.

According to a statement by the Executive Secretary of Petroleum Product Pricing Regulatory Agency (PPPRA), Abdulkadir Saidu, the agency 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 PPPRA in the month of March announced a new price of petrol, reducing it from N145 to N125.

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