NEWS
FG further reduces pump price of petrol to N121.50
The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced a new reduction of the pump price band of Premium Motor Spirit, also known as petrol to N121.50 per litre.
The PPPRA, which is an agency of the Federal Government, disclosed this in a circular to fuel marketers dated May 31, 2020, which was obtained by news correspondent on Monday.
The sharp drop in crude oil prices on the back of the spread of coronavirus saw the landing cost of petrol hitting a record low in March, wiping off subsidy on the product.
The pump price of petrol, which is still being regulated by the Federal Government, was reduced to N125 per litre from N145 per litre on March 18, 2020, effective March 19.
