The new price is due to a constant decline in the price of crude oil on the international market.
Nigerian government announce a reduction in fuel price effective April 1
The Nigerian government has announced a further reduction in the price of petrol from N125 per litre to N123.50 ($0.32) per litre effective today (April 1, 2020).
A statement issued by the Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA) Abdulkadir Saidu, said: “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,” the statement added.
The statement further stated that the PPPRA will constantly monitor the compliance of this directive.
“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.”
On March 18, 2020, the Federal Government announced a reduction in the price of fuel from N145 per litre to N125 per litre.
Soon after the announcement, the PPPRA said a new price regime could be adopted for the commodity from April 1, 2020.
At the time, Mr Abdulkadir Saidu said the PPPRA would review PMS price and announce a new price for the commodity on April 1, 2020, if there is a change in the parameters used in determining the current price.
He added that from then on, the PPPRA would undertake a review of petroleum product prices every month.
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