The Petroleum Products Pricing Regulatory Agency, PPPRA has announced a new pump price of N121.50 to N123.50 per litre for Premium Motor Spirit, also known as petrol.
The PPPRA, disclosed this in a circular to fuel marketers dated May 31, 2020, which was obtained by newsmen on Monday, 1st June, 2020.
The unprecedented drop in crude oil prices due to the spread of coronavirus saw the landing cost of petrol hitting a record low in March, putting off subsidy on the product.
The pump price of petrol, which is still being regulated by the Federal Government, was reduced to N125 per litre from N145 per litre on March 18, 2020, effective March 19.
It was further reduced to 123:50 in April.
However, most fuel marketers across all parts of Nigeria have not complied with the 123:50 regime as they still dispense the product to the public at 125 per litter.
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