According to the Petroleum Products Pricing Regulatory Agency (PPPRA), Executive Secretary, Mr. Abdulkadir Saidu, the new reduction and price takes effect from today, April 1, 2020.
In a statement in Abuja on Tuesday night, 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.”
The Federal Government had last on the 18th of March 2020, announced a reduction of the pump price from a maximum band of N145 per litre to N125 per litre after the international crude oil price witnessed it’s heaviest fall in 18years, selling for $26 per barrel, and now sells for $19 per barrel.
In a statement released by Mele K. Kyari who is the Group Managing Director of NNPC, said effective from 19th March 2020, NNPC Ex-Coastal price for PMS will be reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre.
The NNPC Boss said these reductions will therefore translate to N125/litre retail pump price.
“Despite the obvious cost implication of this immediate adjustment to the Corporation, NNPC is delighted to effect this massive reduction of N20/litre for the benefit of all Nigerians.
Accordingly, all NNPC Retail stations nationwide have been directed to change the retail pump price to N125/litre,” he added.