Lagos — The Petroleum Products Pricing Regulatory Agency (PPPRA), Tuesday night, announced a further reduction in the price of Premium Motor Spirit (PMS) also known as petrol, to N123.50 per litre, from N125 per litre.
In a statement in Abuja, Executive Secretary of the PPPRA, Mr. Abdulkadir Saidu, stated that the new price was in line with the approval of the Federal Government for a monthly review of the price of petrol and would take effect from April 1, lasting for the whole of the month.
He 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 Federal Government, had on March 18, announced a reduction in the price of fuel from N145 per litre to N125 per litre.