The new price becomes effective Wednesday, April 1, and shall apply at all retail outlets nationwide.
The Petroleum Products Pricing and Regulatory Agency (PPPRA) has announced a reduction in the pump price of petrol to N123.50 per litre.
This is coming only weeks after President Muhammadu Buhari approved the reduction of the price from N145 to N125 in line with the global decline of crude oil prices.
PPPRA's Executive Secretary, Abdulkadir Saidu, said in a statement on Tuesday, March 31, 2020 that the reduction is in line with the government's approval for a monthly review of Premium Motor Spirit (PMS) pump price.
"The Guiding price which becomes effective April 1 2020, shall apply at all retail outlets nationwide for the month of April, 2020," the statement read.
Saidu noted that the agency and other regulatory agencies will monitor compliance to extant regulations, and urged all oil marketing companies and members of the public to be guided accordingly.
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