By Akinwale Kasali
The Federal Government has slashed the Petrol Pump Price to N121.50 from N123.50.
The Petroleum Products Pricing Regulatory Agency (PPPRA) announced a new pump price band of N121.50 to N123.50 per litre for Premium Motor Spirit, also known as petrol following the fall of Oil prices Worldwide.
The PPPRA disclosed this in a circular to fuel marketers dated May 31, 2020 and implemented today.
The consistent 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 Nigerian National Petroleum Corporation (NNPC) had said earlier that the petrol pump price will read N125/litre from Thursday, March 19.
The magazine gathered that the Group Managing Director of the NNPC, Mele Kyari said the corporation followed a directive by the Minister of State for Petroleum, Timipre Sylva.
“In compliance with the directives of the honourable minister of state for petroleum resources on PMS pricing, the corporation has reviewed its ex-coastal, ex-depot and NNPC retail pump prices accordingly,” the statement had read.
“Effective March 19, 2020, NNPC ex-coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while the ex-depot price is reduced from N133.28/litre to N113.28/litre.
“These reductions will, therefore, translate to N125/litre retail pump price,” the statement added.
Two months after, the Petroleum Products Pricing Regulatory Agency has, again, reduced the petrol pump price to N121.50 per litre.
