The Petroleum Products Pricing Regulatory Agency, PPPRA, has announced a new pump price band of N121.50 to N123.50 per litre for Premium Motor Spirit, popularly known as petrol.
The PPPRA disclosed this in a circular to fuel marketers dated May 31, 2020, which was obtained by our correspondent on Monday.
The reduction in pump price follows the sharp drop in crude oil prices on the back of the spread of coronavirus saw the landing cost of petrol hitting a record low in March, wiping off subsidy on the product.
The pump price of petrol was reduced to N125 per litre from N145 per litre on March 18, 2020, effective March 19.