Business
Why FG Reduced Fuel Price By 1%
The Petroleum Products Pricing Regulatory Agency (PPPRA) says that the reduction of the pump price of Premium Motor Spirit (PMS) also known as petrol from N125 to N123.50k per litre was in line with its new pricing modulation to reflect global prices.
The reduction, however, marks a 1% price reduction compared with the more than 50% reduction in the prices of crude oil since the advent of the coronavirus pandemic.
Explaining its position in a press statement on Tuesday night, the PPPRA Executive Secretary, Abdulkadir Saidu, said:
“PPPRA in line with the government approval for a monthly review of Premium Motor Spirit (PMS) pump price, hereby announces Guiding PMS pump price of N123.50 per Litre.
The reduction, however, marks a 1% price reduction compared with the more than 50% reduction in the prices of crude oil since the advent of the coronavirus pandemic.
“The Guiding price which becomes effective April 1 2020, shall apply at all retail outlets nationwide for the month of April, 2020.”
He added that PPPRA and other relevant regulatory agencies would continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector.
Saidu noted that members of the public and all Oil Marketing Companies are to be guided accordingly.
News Agency of Nigeria (NAN) recalls that the agency had on March 18 reduced the pump price of PMS from N145.00 to N125.00.
It noted that from April 1, it would start a new pricing modulation that would reflect the global market fundamental.
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