After weeks of stalling, the Federal Government, has announced a new pump price for premium motor spirit (also known as ‘petrol’).
The announcement was made by the Petroleum Products Pricing Regulatory Agency (PPPRA) announced the new pump price band of N121.50 to N123.50 per litre.
The news was disclosed in a circular from the government agency to marketers of the product, dated May 31, 2020 and made available to the media.
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 price, 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.
