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FG reduces fuel pump price, pegs new rate at N123.50

By Temitope Akintoye,

Few weeks after Federal Government announced a new regime in petroleum pump price per litre from initial rate of N145, to N125, the government, through its petroleum pricing agency, Petroleum Product Pricing Agency (PPPA), has carried out another adjustment on the fuel price by releasing another pump rate pegged at N123.50, expected to take effect April 1st.

The agency cleared that the development was in line with the government approval for a monthly review of Premium Motor Spirit (PMS) pump price and and that new guiding petroleum per lite rate for month of April would be the announced N123.50 per Litre.

However, the development was noted second times the federal government would be announcing new petroleum pump price regime in less than four weeks, with total reduction of N21.50  from both previous price of N125 and that of  old price of N145,

Through a statement issue on Tuesday by the petroleum product pricing agency, the PPPA said that the guiding price of N123.50 was approved by the apex body and that the new development would be become effective by 1st of April 2020.

It said: “The new price shall apply at all retail outlets nationwide for the month of April, 2020 and PPPA and other relevant regulatory agencies shall continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector.

“Members of the Public and all Oil Marketing Companies are to be guided accordingly”.

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