Jubilation As FG Reduces Petrol Price To N121.50

The Petroleum Products Pricing Regulatory Agency has now announced a new pump price band range of N121.50 to N123.50 per litre for Premium Motor Spirit, also known as petrol.

The PPPRA, which is no doubt an agency of the Federal Government, disclosed this in a circular distributed to fuel marketers dating May 31, 2020.

The global oil prices which were affected following the outbreak of the novel coronavirus has a role to play in this new development by the Federal Government.

The sharp drop in crude oil prices on the back of the spread of coronavirus saw the landing cost of petrol hitting a record low in March, wiping off subsidy on the product.

Recall that the pump price of petrol, which is still being regulated by the Federal Government, was reduced to N125 per litre from N145 per litre back in March.

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