JUST IN: Federal Government Reduces Pump Price Of Petrol To N121.50

Petrol Pump Price in Nigeria OnoBello

The Nigerian Government has reduced the price of petrol also known as Premium Motor Spirit (PMS) to the band of N121.50 to N123.50 per litre, The PUNCH reports.

The Petroleum Products Pricing Regulatory Agency (PPPRA) made the announcement in a circular to fuel marketers dated May 31, 2020.

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.

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