The Federal Government on Tuesday night announced the reduction in the price of petrol from N125/litre to N123.5/litre.
The new price indicates a N1.5 reduction per litre of petrol.
This was announced through the Petroleum Products Pricing Regulatory Agency, after a whole day 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.”
The decision was made after a stakeholders meeting in the Capital on Tuesday. Present at the meeting are representatives from the Central Bank of Nigeria, Nigerian National Petroleum Corporation, oil marketers and labour unions, among others.
PPPRA had hinted at this on March 19, 2020, a day after the Federal Government announced the pump price of N125/litre for petrol. It said the N125/litre price might last till the end of March, as a new cost for petrol might be introduced on April 1.