The Federal Government has reduced the price of petrol from N125/litre to N123.5/litre.
The announcement was made through the Petroleum Products Pricing Regulatory Agency, after meeting with stakeholders in the oil and gas sector in Abuja.
The Executive Secretary of the PMS pricing regulator, Abdulkadir Saidu, said, “PPPRA, in line with the government approval for a monthly review of Premium.
“Motor Spirit 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.”
It added, “Members of the public and all oil marketing companies are to be guided accordingly.”