Written by Godfrey AKON
FG further slashes fuel price to N123.50
The Petroleum Products Pricing Regulatory Agency, PPPRA, has announced the further reduction of fuel price from N125.00 to N123.50 per liter.
Executive Secretary of PPPRA, Abdulkadir Saidu, in a statement, said the reduction was in line with Government approval for a monthly review of Premium Motor Spirit, PMS, pump price.
The downward review of retail pump price comes as oil prices at the international market continue to plunge due to the ravaging COVID-19 pandemic.
Earlier in March, the Nigerian Government, through its Minister for Petroleum Resources, Chief Timipre Sylva, announced a slash in the pump price to N125 per liter.
Sylva 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.
He promised that PPPRA will subsequently issue a monthly guide to NNPC and Marketers on the appropriate pricing regeme, while directing the agency to modulate pricing in accordance with prevailing market dynamics.
Saidu said, in the statement, that 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," he said.
The PPPRA boss urged members of the public and all oil marketing companies to be guided accordingly.