As crude oil price continues to drop in the international market, the Petroleum Products Pricing Regulatory Agency (PPPRA) has announced a further reduction of the pump price of Premium Motor Spirit (PMS) also known as petrol from N125 to N123.50k per litre.
The agency made the announcement in a statement signed by its Executive Secretary, Abdulkadir Saidu, in Abuja on Tuesday night.
“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 April 1 2020, shall apply at all retail outlets nationwide for the month of April 2020.”
He added that PPPRA and other relevant regulatory agencies would continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector.
Saidu noted that members of the public and all Oil Marketing Companies are to be guided accordingly.
News Agency of Nigeria (NAN) recalls that the agency had on March 18 reduced the pump price of PMS from N145.00 to N125.00.
It noted that from April 1, it would start a new pricing modulation that would reflect the global market fundamental.