Nigerian-government reduces petrol pump price to N121.50

The Petroleum Products Pricing Regulatory Agency has announced a new pump price band of N 121 . 50 to N 123 . 50 per litre for Premium Motor Spirit, also known as petrol .

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 our 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 N 125 per litre from N 145 per litre on March 18, 2020 , effective March 19.

The PPPRA further announced on March 31 a price band of N 123 . 50 to N 125 per litre, effective April 1 .

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