The Federal Government has ordered a reduction of the pump price of the Premium Motor Spirit (PMS) to be sold at N123.50 per litre.
The new price takes effect from today Wednesday, April 1, 2020.
This, according to the Petroleum Products Pricing Regulatory Agency (PPPRA) is in line with the Federal Government’s approval for a monthly review of PMS pump price.
“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,” a statement issued on Tuesday night by PPRA Secretary, Abdulkadir Saidu, said.
Saidu in the statement added that the new price applies at all retail outlets nationwide for the month of April, 2020.
He added that PPPRA and other relevant regulatory agencies will continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector.
The Federal Government had earlier on March 18 reduced pump price of petrol to N125 per litre.
The Minister of State for Petroleum Resources, Mr Timipre Sylva, who made the announcement said it is believed that this measure will have a salutary effect on the economy, provide relief to Nigerians and will provide a framework for the sustainable supply of PMS to Nigeria.