The Federal Government has announced a further reduction in the Premium Motor Spirit (PMS)'s pump price to N123.50 per litre.
The Petroleum Products Pricing Regulatory Agency (PPPRA)'s Executive Secretary, Abdulkadir Saidu, said the new price takes effect from today, April 1, 2020.
This is the second time the Federal Government would be reducing the pump price of PMS in two weeks.
It had announced a reduction in the pump price of PMS on 18th March, 2020 from N145 to N125 following the fall in the price of crude oil in the international market.
In a statement in Abuja on Tuesday night, PPPRA's executive secretary 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."
Meanwhile, a financial expert and managing director/chief executive officer of Cowry Assets Management, Johnson Chukwu, had called on the federal government to immediately reduce petrol pump price to reflect the current landing cost of about N100 per litre.
Chukwu made the call in an exclusive interview with Daily Trust in Lagos while reacting to the Central Bank of Nigeria (CBN) contingency plan to ameliorate the economic impact of the coronavirus pandemic.