The Nigerian Federal Government has reduced the pump price of Premium Motor Spirit, also known as Petrol, from N125.00 to N123.50 effective Wednesday, April 1, 2020.

This was disclosed by the Petroleum Products Pricing Regulatory Agency (PPPRA) in a statement issued by its Executive Secretary, Abdulkadir Saidu.

The statement read:

“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 1st April 2020, shall apply at all retail outlets nationwide for the month of April, 2020.

“PPPRA and other relevant regulatory Agencies shall continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector.

“Members of the Public and all Oil Marketing Companies are to be guided accordingly.”

The new price, which would last throughout the month of April, is due to a continuous decline in the price of crude oil in the international market.

The Federal Government had on March 18, announced a reduction in the price of PMS from N145 per litre to N125 per litre.