On Tuesday night, the Federal Government further slashed the unit price of Premium Motor Spirit (PMS) from N125 to N123.50 per liter.
The Petroleum Products Pricing Regulatory Agency (PPPRA), which made the announcement in a statement, said the implementation is effective today, April, 1 2020.
It is the second time in less than a fortnight that the FG is slashing the pump price of PMS. Although it comes as a palliative, given the scorching pain of the Corona virus siege nationwide, the federal government of Nigeria did not give reasons for the reduction in the fuel pump price. On March 18, the PPPRA in a surprise to Nigerians reduced the pump price of Premium Motor Spirit from N145.00 to N125.00.
In a statement last night signed by the agency’s Executive Secretary, Abdulkadir Saidu, in Abuja, the PPPRA said “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.”
Petroleum Products Pricing Regulatory Agency added that the agency and other relevant regulatory agencies would continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector, and that all the players down the value chain comply with the directive. The executive secretary urged members of the public, including the various oil marketing companies to be guided accordingly.
He also said stating today, April 1, the PPPRA would start a new pricing modulation that would reflect the global market fundamental.