The Petroleum Products Pricing and Regulatory Agency has reduced the pump price of petrol from N125 to N123.50 per litre.
The reduction came two weeks after the price was slashed from N145 to N125 per litre.
This comes about a fortnight after the agency reduced the pump price to N125 from N145.
The executive secretary of PPPRA, Mr. Abdulkadir Saidu, who announced the new pump price in a statement in Abuja on Tuesday night, said all retail outlets should start selling the product at the new price from today, April 1.
“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 April 1 2020, shall apply at all retail outlets nationwide for the month of April, 2020,” he said.
He added that PPPRA and other relevant regulatory agencies would continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector.
The reduction is based on the reduced landing cost of petrol into Nigeria which is caused by the global decline of crude oil prices.
Besides, there has been a slump in crude oil price in the international market occasioned by the COVID-19 pandemic that has ravaged the world and affected the price of the product.
Meanwhile, the Nigerian National Petroleum Corporation (NNPC) has assured of adequate fuel supply following implementation of the stay-at-home order to contain the spread of the COVID-19.
The group managing director of the corporation, Mr. Mele Kyari, who gave the assurance, said supply of petroleum product would not be affected by the lockdown.
“States have all consented to allow movement of fuel trucks and operation of stations during any sit at home action.
“Our stock and supply plan are robust and there is no need to buy more than you require at anytime. We will keep supplying,” he said.
