The Nigerian Government has announced the further reduction of Premium Motor Spirit (PMS) pump price to N123.50 per Litre.
This was announced on Tuesday night by the Executive Secretary, Petroleum Products Pricing Regulatory Agency Abdulkadir Saidu via the agency’s twitter handle.
According to Saidu, the guiding price takes effect from April 1 2020, and shall apply at all retail outlets nationwide for the month of April, 2020.
PPPRA sets new PMS pump price at N123.5 per litre to take effect from April 1st. Read full statement below. pic.twitter.com/mrLzgXqFvQ
— NMDPRA (@NMDPRA_Official) March 31, 2020
The move is in line with the Nigerian Government’s approval for a monthly review of Premium Motor Spirit (PMS) pump price, Saidu said.
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He added that PPPRA and other relevant regulatory agencies would continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector.
He however urged members of the public and all Oil Marketing Companies to be guided accordingly.
It would be recalled that the Nigerian Government had on the 19th of March reduced the PMS pump price from N145 to N125.
Yetunde Adegoke
