The Nigerian Government has reduced the price of petrol from N125 per litre to N123.5.
“Motor Spirit pump price hereby announces guiding PMS pump price of N123.50 per litre,” Nigeria’s Petroleum Products Pricing Regulatory Agency (PPPRA) executive secretary Abdulkadir Saidu said in a statement.
“The guiding price which becomes effective 1st April 2020, shall apply at all retail outlets nationwide for the month of April 2020.
President Muhammadu Buhari ordered a reduction in the pump price of petrol from N145 to N125 last month.
Nigeria’s junior minister for petroleum Timipre Sylva in a statement said the drop in crude oil prices lowered the expected open market price of imported petrol below the official pump price of N145 per litre.
“Mr President has approved that Nigerians should benefit from the reduction in the price of PMS which is a direct effect of the crash in global crude oil prices,” Sylva said.
But less than 14 days after the first reduction, Saidu said the new price is in line with the government approval for a monthly review of fuel price which will be monitored for compliance.
“PPPRA and other relevant regulatory agencies shall continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector,” Saidu said.
Sylva in March disclosed that Buhari ordered the Nigeria National Petroleum Corporation (NNPC) to modulate pricing in accordance with prevailing market dynamics and respond appropriately to any further oil market development.
“It is believed that this measure will have a salutary effect on the economy, provide relief to Nigerians and would provide a framework for a sustainable supply of PMS to our country,” Sylva said.