Following the further crash of the international crude oil benchmark price, the Federal Government of Nigeria has recently announced a new pump price of ₦123.50 per litre for petrol fuel. This is coming less than 2 weeks after President Buhari dropped the price from the initial ₦145 to ₦125 per litre.
Federal government drops the price of petrol fuel from recently announced 125 down to 123.50 new price
This new price of the PMS (Premium Motor Spirit) was made known to the public by the PPPRA (Petroleum Products Pricing Regulatory Agency). The agency revealed this new price of ₦123.50 per litre on the night of Tuesday 31st of March 2020, in a public statement signed by Abdulkadir Saidu – Executive Secretary of PPPRA. Part of the statement reads;
“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 Guiding price which becomes effective April 1 2020, shall apply at all retail outlets nationwide for the month of April, 2020.”
Mr Saidu added that the agency, as well as all the important regulatory agencies, will monitor and ensure that stakeholders in the petroleum sector adequately comply with these new regulations. He noted that both oil companies and the general public needs to be guided in accordance as well.
This further drop in the petrol fuel price shouldn’t really be surprising because the price of the Brent oil which is the international benchmark for Nigeria’s crude oil has been plummeting further down. All these can be traced down to the sudden economic instability of various oil nations all over the world caused by the currently fearful Coronavirus disrupting economic activities.
See this press video from 2 weeks ago when the federal government announced the first drop in petrol fuel price:
Nigeria reduces the price of fuel