The Federal Government has ordered the reduction in the pump price of premium motor spirit also known as petrol from the current price of N125 to N123.50 per litre.
The development comes barely two weeks after President Muhammadu Buhari approved the reduction of pump price from N145 per litre.
In a statement released on Tuesday evening, March 31, Abdulkadir Saidu, the executive secretary of the Petroleum Products Pricing and Regulatory Agency (PPPRA), said the guiding price takes effect from Wednesday, April 1.
According to Saidu, the new pump price will reflect the reality of crude oil sale globally as the price of oil barrel stands at $20 – an unimaginable tumble compared to $50 it was sold in the last two months.
Saidu said PPPRA and other regulatory agencies will be monitoring the compliance to the extant regulation for a sustainable downstream sector nationwide.
The PPPRA executive secretary also urged members of the general public and oil and gas companies to be guided according to the new price.