The Federal government has today announced a further slash in the pump price of Premium Motor Spirit (PMS) also called petrol to now N123.5 per litre.
The Petrol Product Pricing Regulatory Agency (PPPRA)’s Executive Secretary, Abdulkadir Saidu declared that the price is with immediate effect from today 1st April 2020.
Accordingly, this marks the second time the Federal government is reducing the fuel pump price within the span of one month to reflect current reality in the global oil market.
Formerly, the FG announced the reduction in the pump price on 18th March 2020 from N145 to N125 following the crash in the crude oil market globally.
Contained in a statement signed by the Executive Secretary of the PPPRA in Abuja, the ES revealed in line with the government approval for a monthly review of PMS pump price, I hereby announced Guiding PMS pump price to N123.5 per litre he said.
The statement which partly reads; “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, from a sideline, a financial expert who is also the Managing Director of Cowry Assets Management, Johnson Chukwu has called on the federal government to review the pump price to N100 Naira to reflect current realities of the Landing cost.
Chukwu made this call during an interview with DailyTrust in Lagos while reacting to the Central Bank of Nigeria contingency plan to ameliorate the economic hardship of the global pandemic on the downtrodden Nigerians.