Petrol to now sell at N123.50 as FG reduces pump price in April

The federal government has reduced the pump price of petrol for the month of April.

The Petroleum Products Pricing Regulatory Agency (PPPRA) announced the reduction in a statement signed by Abdulkadir Saidu, its executive secretary.

It said the retail price of petrol would be N123.50 in April as against N125 per litre announced on March 18.

“The 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 statement read.

“The guiding price, which becomes effective April 1, 2020, shall apply at all retail outlets nationwide for the month of April 2020.

“The 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.”

A drop in global crude oil prices following the coronavirus outbreak had led to a fall in the prices of petroleum products.

On March 18, the federal executive council had approved a reduction of petrol pump price from N145 to N125.