The Federal Government has reduced the pump price of Premium Motor Spirit (AKA petrol) to N121.50 per litre.
The Petroleum Products Pricing Regulatory Agency, which is responsible for setting the price of petroleum products in the country, announced the new pump price band will be N121.50 to N123.50 per litre.
The new directive was contained in a circular to fuel marketers dated May 31, 2020.
The Nigerian National Petroleum Corporation (NNPC) had on May 7 announced a reduction in the ex-depot price of petrol from N113.28k per litre to N108.00K per litre across all its products loading facilities as well as in its throughput operations.
Following this reduction in the ex-depot price, the PPRA had been expected to also do a downward review of the price Nigerians will be paying for the product.
Daily Trust reports that the downward review of the petrol prices is as a result of the crash in the price of crude oil at the global market due to the ravaging impact of the COVID-19 pandemic.
This is the third time the pump price of petrol would be reviewed in 2020.
The federal government had on March 18 reduced the pump price from N145 to N125 per litre.
It later on March 31 further announced a price band of N123.50 to N125 per litre.