- The price of the Premium Motor Spirit known as petrol has been reduced to N121.50 per litre
- The reduction was closely cut-down from N123.50 by PPPRA, a regulatory body in Nigeria
- The new development was contained in the circular directed to oil marketers nationwide
Amid the global oil crisis occasioned by the Covid-19 scourge, the federal government on May 31, reduced the petrol pump price from N123.50 to N121.50 per litre.
The reduction was contained in a circular directed to oil marketers nationwide by the Petroleum Products Pricing Regulatory Agency (PPPRA).
PPRA said the new development takes effect from Monday, June 1, as the price of oil tumbled in the global market, wiping off subsidy on the products.
Legit.ng notes that the reduction was announced barely two months after the agency reduced the price for Premium Motor Spirit from N125 to N123.5 per litre as contained in the circular sent to oil marketers on March 31.
PPPRA directed all the oil marketers in the downstream sectors to comply with the new directives, adding that compliance with the new pump price will be monitored by the appropriate agencies.
Oil per barrel is being sold globally at 32.80. This is an unimaginable collapse that is due to coronavirus pandemic presently ravaging the world and sliding global economy into crisis.
Meanwhile, Legit.ng reported that the Nigerian National Petroleum Corporation (NNPC) has announced a reduction in the ex-depot price of petrol from N113.28k per litre to N108.00K per litre across all its products loading facilities as well as in its throughput operations.
This was made known in a statement released on Wednesday, May 6, in Abuja by the corporation's group general manager, Group Public Affairs Division, Dr Kennie Obateru.
According to NNPC, the new price regime would boost sales volumes from the billions of litres of petrol it has in storage while providing affordable price to millions of customers.
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