BREAKING: FG Further Cuts Petrol Price To N121.50
Jun. 01, 2020
The pump price for Premium Motor Spirit, PMS, popularly known as Petrol has been further reduced and will not sell for between N121.50 to N123.50 per litre, according to the Petroleum Products Pricing Regulatory Agency, PPPRA.
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The PPPRA, an agency of the Federal Government, disclosed this in a circular to fuel marketers dated May 31, 2020, which was seen by SCOOPER 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.
The PPPRA further announced on March 31 a price band of N123.50 to N125 per litre, effective April 1.
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