The Federal Government has announced that the pump price band petrol will be N121.50 to N123.50 per litre.
The Petroleum Products Pricing Regulatory Agency (PPPRA) announced this in a circular to fuel marketers dated May 31, 2020.
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.