Just In: FG Reduces Petrol Pump Price To N121.50

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The Petroleum Products Pricing Regulatory Agency, (PPPRA) has announced a new pump price band of N121.50 to N123.50 per litre for Premium Motor Spirit, popularly 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.

The decline in crude oil prices due to Covid19 pandemic saw the landing cost of petrol hitting a record low in March, wiping off subsidy on the product.

The pump price of petrol, had been reduced to N125 per litre from N145 per litre on March 18, 2020, effective March 19 and on May 31 the PPPRA announced a further reduction of petrol pump price to N121.50.

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