FG slashes fuel priceto N123.5 per litre

The Federal Government has announced the reduction of petrol price from N125/litre to N123.5/litre on Tuesday.

This is coming after the Transmission Company of Nigeria announced an improvement in power generation, on Tuesday, due to the NNPC's assistance in terms of supply of gas to fire up thermal power plants.

The announcement by the FG means that there is a reduction of N1.5 on every litre of petrol purchased nationwide.

Announcing the reduction, the Executive Secretary of the PMS pricing regulator, Abdulkadir Saidu, said, “PPPRA, in line with the government approval for a monthly review.

“Premium Motor Spirit pump price hereby announces guiding PMS pump price of N123.50 per litre.

“The guiding price which becomes effective 1st April 2020, shall apply at all retail outlets nationwide for the month of April 2020. PPPRA and other relevant regulatory agencies shall continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector.”

It added, “Members of the public and all oil marketing companies are to be guided accordingly.”

On March 19, 2020, a day after the Federal Government announced the pump price of N125/litre for petrol, the PPPRA declared that there was the possibility of a new price regime for the PMS beginning from April 1, 2020.

It explained that the N125/litre price might last till the end of March, as a new cost for petrol might be introduced on April 1.

Saidu had told journalists that the PPPRA would be undertaking a review of the PMS price and would announce a new price for the product on April 1 (today) if there were changes in the parameters used in determining the N125/litre pump price.

Punch