By Idowu Bankole
…Reduction due to decline in oil prices
…to sell for N123.50 per litre
President Muhammadu Buhari has today slashed price of Premium Motor Spirit, PMS, popularly called petrol, to N123.50 per litre, with effect from 1st of April, 2020.
The new price is coming on the heels of a continuous decline in the price of crude oil in the international market. This new price would last through April, except there is a rapid decline which might see another review of the price.
Recall that President Buhari had on March 18, announced a reduction in the price of fuel from N145 per litre to N125 per litre.
A statement by Mr Abdulkadir Saidu, the Executive Secretary of the Petroleum Products Pricing Regulatory Agency, PPPRA, which was obtained by the daily news, Abdulkadir stated that the new price was in line with the approval of the Federal Government, led by President Muhammadu Buhari for a monthly review of the price of petrol.
The statement reads in part, “PPPRA, in line with the President Buhari’s 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.”