Oil price slump: FG further slashes fuel price to N123.50 per litre

Oil price slump: FG further slashes fuel price to N123.50 per litre

The Federal Government, Tuesday, further slashed the price of Premium Motor Spirit, PMS, also known as petrol, to N123.50 per litre, with effect from April 1, 2020, from N125 per litre. The new price, which would last throughout the month of April, was coming on the back of a continuous decline in the price of

The Federal Government, Tuesday, further slashed the price of Premium Motor Spirit, PMS, also known as petrol, to N123.50 per litre, with effect from April 1, 2020, from N125 per litre.

The new price, which would last throughout the month of April, was coming on the back of a continuous decline in the price of crude oil in the international market.

In a statement in Abuja, Tuesday night, Executive Secretary of the Petroleum Products Pricing Regulatory Agency, PPPRA, Mr. Abdulkadir Saidu, stated that the new price was in line with the approval of the Federal Government for a monthly review of of the price of petrol.

He said, “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.

“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. Members of the Public and all Oil Marketing Companies are to be guided accordingly.

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