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FG Reduces Petrol Pump Price To N121.50

The Federal Government has announced that the pump price band petrol will be N121.50 to N123.50 per litre.

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The Petroleum Products Pricing Regulatory Agency (PPPRA) announced this in a circular to fuel marketers dated May 31, 2020.

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It said the sharp drop in crude oil prices saw the landing cost of petrol reducing in March. This, it said, also forced the removal of subsidy on the product.

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The pump price of petrol dropped to N125 per litre from N145 per litre on March 18, 2020, effective March 19 before the PPPRA announced on March 31 that a price band of N123.50 to N125 per litre would take effect from April 1.

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