Energy
PPRA reduces pump price of petrol to N123.50
Adebayo Obajemu
The PetroleumProducts Pricing and Regulatory Agency, PPRR, has late Wednesday effected a further reduction in the price of premium motor spirit from N125 to N123.50 per litre.
A fortnight ago the agency reduced the pump price to N125 from N145 as a reaction to global oil situation.
The reduction is based on the reduced landing cost of petrol into Nigeria which is caused by the global decline of crude oil prices.
Abdulkadir Saidu, the Executive Secretary of PPPRA, who announced the new pump price, said all retail outlets should start selling at the new price from April 1.
Earlier, the state oil firm, NNPC, announced that it had enough petrol in circulation to ensure there was no scarcity of the essential product as millions of Nigerians remain at home because of the COVID-19 outbreak