Federal Government Slashes Petrol Pump Price

The Federal Government has slashed the Petrol Pump Price.

NewsOne Nigeria reports that 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.

This reliable online news platform understands that the PPPRA, which is an agency of the Federal Government led by President Muhammadu Buhari disclosed this in a circular to fuel marketers dated May 31, 2020.

NewsOne Nigeria reports that 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 Nigerian National Petroleum Corporation (NNPC) had said earlier that the petrol pump price will read N125/litre from Thursday, March 19.

NewsOne Nigeria reports 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.