Oil price slump: FG slashes fuel price to N123.50 per litre

2 months ago 84
 FG slashes fuel price to N123.50 per litre

 FG further slashes fuel price to N123.50 per litre

By Michael Eboh

The Federal Government, Tuesday, further slashed the price of Premium Motor Spirit, PMS, also known as petrol, to N123.50 per litre, with effect from April 1, 2020, from N125 per litre.

The new price, which would last throughout the month of April, was coming on the back of
a continuous decline in the price of crude oil in the international market.

In a statement in Abuja, Tuesday night, Executive Secretary of the Petroleum Products Pricing Regulatory Agency, PPPRA, Mr. Abdulkadir Saidu, stated that the new price was in line with the approval of the Federal Government for a monthly review of of the price of petrol.

He 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.

“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.”

The Federal Government had on March 18, announced a reduction in the price of fuel from N145 per litre to N125 per litre.

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Hours after the announcement of the reduction, the PPPRA explained that there is the possibility of a new price regime for the commodity from April 1, noting that the new N125 per litre pump price would last till the end of March 2020.

Addressing newsmen in Abuja, Executive Secretary, PPPRA, Mr. Abdulkadir Saidu, had stated that the agency would be undertaking a review of PMS price and would announce a new price for the commodity, April 1, 2020, if there is a change in the parameters used in determining the current price.

He noted that the price announced Wednesday, March 18, 2020, would apply till March 31, 2020, and a new price might come into effect after the review, adding that henceforth, PPPRA would be undertaking a review of petroleum products prices on a monthly basis.

Vanguard Nigeria News

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