- The pump price of premium motor spirit has been reduced to N123 per litre by the federal government
- The reduction comes barely two weeks it was reduced from N145 per litre to N125
- PPPRA said the new price takes effect from Wednesday, April 1, and urged members of the public to comply with the new change
The federal government has ordered the reduction in the pump price of premium motor spirit from the current price of N125 to N123.50 per litre.
The development comes barely two weeks after President Muhammadu Buhari approved the reduction of pump price from N145 per litre.
In a statement released on Tuesday evening, March 31, Abdulkadir Saidu, the executive secretary of the Petroleum Products Pricing and Regulatory Agency (PPPRA), said the guiding price takes effect from Wednesday, April 1.
According to Saidu, the new pump price will reflect the reality of crude oil sale globally as the price of oil barrel stands at $20 - an unimaginable tumble compared to $50 it was sold in the last two months.
Saidu said PPPRA and other regulatory agencies will be monitoring the compliance to the extant regulation for a sustainable downstream sector nationwide.
The PPPRA executive secretary also urged members of the general public and oil and gas companies to be guided according to the new price.
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Meanwhile, Legit.ng earlier reported that the federal government had said it was working to provide alternative petrol for Nigerians that will cost between N95 to N97 per litre.
Sylva told reporters in Abuja on Thursday, January 16, that the alternative petrol will be provided using the compressed natural gas (CNG).
The minister made the disclosure when asked whether the government was going to reduce the pump prices of petrol to make it more affordable. '
He said the CNG fuel has undergone a pilot project in Benin City where over 10,000 vehicles are already running on it.
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