The Federal Government has reduced the Pump Price of Premium Motor Spirit to N121.50 per litre.
The Petroleum Products Pricing Regulatory Agency, which is responsible for setting the price of petroleum products in the country, announced that the new pump price band would be N121.50 to N123.50 per litre.
The new directive was contained in a circular issued to fuel marketers in Nigeria, dated May 31, 2020.
The Nigerian National Petroleum Corporation (NNPC) had on May 7 announced a reduction in the ex-depot price of petrol from N113.28k per litre to N108.00K per litre across all its products loading facilities.
The downward review of the petrol prices is as a result of the crash in the price of crude oil at the global market caused by the COVID-19 pandemic.
This is the third time the pump price of petrol would be reviewed in 2020.