Economy
FG Reduces Pumping Price to N123.5/litre
- FG Reduces Pumping Price to N123.5/litre
The Federal Government on Tuesday reduced the pumping price of Premium Motor Spirit popularly known as Petrol from N125 per litre to N123.5 per litre.
This represents a reduction of N1.5 per litre of petrol purchased.
The announcement was in response to the drop in global oil prices which led to an adjustment in the landing cost per litre.
Abdulkadir Saidu, the Executive Secretary, PMS Pricing regulator, 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.”