02 April 2020 : The Nigerian government has decided to reduce the oil price in Nigeria from N125 per litre to N123.50 ($0.32) per litre effective today (April 1, 2020), thanks to the ceaseless price decline of crude oil in the international market.
The Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA) Abdulkadir Saidu released a statement saying : “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.”
Earlier this year on March 18, 2020, the Federal Government had announced a reduction in the price of fuel from N145 per litre to N125 per litre.
Reporting for EasyKobo on Thursday , 02 April 2020 in Lagos, Nigeria