Emmanuel Addeh in Abuja
The federal government has further reduced the pump price of petrol to N123.50, down from the N125, it announced in March.
The Petroleum Products Pricing Regulatory Agency (PPPRA) in a statement late last night, said the new template was for the month of April.
Executive Secretary of the agency, Mr. Abdulkadir Saidu, said the price cuts across all the retail outlets in the country.
He added that the move was in line with the government’s approval for a monthly review of the pump price of the product.
“The 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.
“The 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 statement said.