The Petroleum Products Pricing and Regulatory Agency (PPPRA) has further reduced the pump price of Premium Motor Spirit (petrol) from N125/litre to N123.50/litre effective April 1.
This was contained in a statement signed by the Executive Secretary and Chief Executive Officer, Abdulkadir Saidu.
According to Saidu, the downward review of the petrol pump price was in line with federal government’s approval for a monthly review of the vital commodity.
He said: “The guiding price of N123.50/litre 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 agency had on March 18 reduced the pump price of petrol from N145.00 to N125/litre following the sharp slump in crude oil prices globally.
It added from April 1, it would start a new pricing modulation that reflects global market realities.