FG reduces petrol pump price to N121.50

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The Petroleum Products Pricing Regulatory Agency has announced a new pump price band of N121.50 to N123.50 per litre for Premium Motor Spirit, also known as petrol.

The PPPRA, which is an agency of the Federal Government, disclosed this in a circular to fuel marketers dated May 31, 2020, which was obtained by our correspondent on Monday.

The sharp drop in crude oil prices on the back of the spread of coronavirus saw the landing cost of petrol hitting a record low in March, wiping off subsidy on the product.

The PPPRA further announced on March 31 a price band of N123.50 to N125 per litre, effective April 1.

Crdt: @ punchnewspapers

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