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Nigerian govt makes another cut in petrol price, now N123.5 per litre

24 states sold petrol above fixed price in August —NBS

The Nigerian Government Tuesday night slashed the pump price of gasoline from N125 to N123.5 per litre, the second time in less than two weeks it would review the price of the commodity downward.

The declaration came through the Petroleum Products Price Regulatory Agency (PPPRA) following a day-long deliberation with industry stakeholders in Abuja.

“PPPRA, in line with the government approval for a monthly review of Premium Motor Spirit pump price hereby announces guiding PMS pump price of N123.50 per litre.

“The guiding price which becomes effective 1st April 2020, shall apply at all retail outlets nationwide for the month of April 2020. PPPRA 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,” said Abdulkadir Saidu, Executive Secretary of the PPPRA.

Also in attendance at the meeting were Central Bank of Nigeria (CBN) officials, representatives of the Nigerian National Petroleum Corporation (NNPC), labour unions, oil workers and others.

The PPPRA had on 19th March hinted that the price of PMS might be further reviewed at the beginning of April.

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