- The PPPRA has announced new development on the reduction of the price of petroleum in Nigeria
- The federal government had on Wednesday, March 18, ordered the reduction in the pump price of petrol
- According to the PPPRA executive secretary, Abdulkadir Saidu, the price modulation would be determined by market forces
Following the announcement of the reduction of the petroleum pump price by the federal government, the Petroleum Products Pricing Regulatory Agency (PPPRA) on Thursday, March 19, said it would start the modulation of petroleum products prices on a monthly basis starting from April 1.
Addressing a press conference, the PPPRA executive secretary, Abdulkadir Saidu, said the price modulation would be determined by market forces, including the price of crude oil, Channels TV reports.
Legit.ng gathered that the PPPRA said that it would hold several engagements with petroleum marketers in a bid to secure their buy-in as the prices of their products fluctuate based on market forces.
According to the report, it was, however, discovered in Abuja that some stations are still dispensing at N145 per litre.
Meanwhile, Legit.ng had previously reported the Nigerian National Petroleum Corporation (NNPC) said that its retail stations would begin to sell fuel at the adjusted price of N125 per litre beginning from Thursday, March 19.
It was reported that this is in line with the federal government’s directive ordering the NNPC to adjust the price of fuel to reflect global market realities.
Speaking on the adjustment and new directives to its retail stations, the corporation’s Group Managing Director (GMD), Mele Kyari, said the NNPC has reviewed its ex-coastal, ex-depot and NNPC retail pump prices.
In another report, it was gathered that as part of the measures to combat the effects of coronavirus, President Muhammadu Buhari ordered the 'repositioning of the economy' in a way that would respond to the realities of the global pandemic.
It was reported that Nigeria reported five more cases of coronavirus on Wednesday, March 18, which officially brings the number of Covid-19 victims to eight.
As pressure continues to mount on the government to provide a feasible policy and solid measures, President Buhari gave directives for "review of 2020 budget to reflect realities in the oil sector and prioritizing health sector infrastructure."
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Price of petrol crashes in Nigeria | - on Legit TV