TheCable

The federal government, through the Petroleum Products Pricing Regulatory Agency (PPPRA), has announced a reduction in the pump price of petrol.

A statement signed by Abdulkadir Saidu, PPPRA executive secretary, said the retail price of petrol would be N123.50 in April.

The new price is N1.50 lower than the N125 per litre announced on March 18.

“The 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 statement read.

“The guiding price, which becomes effective April 1, 2020, shall apply at all retail outlets nationwide for the month of April 2020.

“The 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.”

On March 18, the federal executive council had approved a reduction of petrol pump price from N145 to N125.

After the slash of petrol pump price was announced, PPPRA had said the federal government approved a monthly review of petrol price to reflect global crude oil market trends.

A sharp drop in global crude oil prices had resulted in a drop in the landing cost of refined petroleum products.

As of 6am on Wednesday, Brent crude, the international benchmark for crude oil, was trading at $22.74 per barrel.