The Federal Government of Nigeria has announced the reduction of Premium Motor Spirit, also known as Petrol to a price band of between N121.50 to N123.50 per litre.
The government announced this through the Petroleum Products Pricing Regulatory Agency, PPPRA.
The PPPRA, which is an agency of the Federal Government, disclosed this in a circular to fuel marketers dated May 31, 2020.
The agency, who confirmed the new pump price on its Twitter handle advised all marketers to adhere to the new pump price.
FG Reduces Petrol Price
The sharp drop in crude oil prices on the back of the spread of coronavirus saw the landing cost of petrol hitting a record low in March, wiping off subsidy on the product.
You will recall that the petrol pump price was reduced to N125 per litre from N145 per litre on March 18, 2020.