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FG reduce petrol price by N1.50 to N123.50

… Allow Tanker Drivers unrestricted movements to forestall petroleum products scarcity

 The Federal Government has announced further reduction in the pump price of petrol from N125 per litre to N123.50k effective from Wednesday, April 1, 2020.

The Premium Motor Spirit (PMS), otherwise known as petrol was reduced recently from N145 per litre to N125 as part of measures to cushion the effects of Coronavirus (COVID-19).

According to a statement released Tuesday night by the Petroleum Products Pricing Regulatory Agency, PPPRA, the new price regime is in line with the government approval for a monthly review.

The statement signed by Petroleum Products Prices Regulatory Commission (PPPRA) Executive Secretary, Alhaji Abdulkadir Saidu, reads: “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 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.”

Meanwhile, the Nigerian National Petroleum Corporation (NNPC) has appealed to Law enforcements agencies across the Country to allow petroleum products tanker drivers free movement during the lockdown ordered in parts of the country by President Muhammadu Buhari and some state governments. 

A statement by NNPC Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, said the exemption granted by Mr. President to certain categories of essential workers covers the operations of petroleum products tanker drivers.

The statement said that the Federal Government counts on the support of the law enforcement agencies across the country to ensure smooth distribution of petroleum products across the nook and cranny of the country during the period of the restriction. 

The corporation said that NNPC holds over 2.6billion litres of petrol enough to last the period of the lockdown and beyond, advising that motorists should not engage in panic buying.  

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