The Federal Government has reduced the pump price of the Premium Motor Spirit (PMS) to N123.50 per litre, with the new price taking effect from Wednesday, April 1, 2020.
The Petroleum Products Pricing Regulatory Agency (PPPRA), Executive Secretary, Abdulkadir Saidu made this known to newsmen on Tuesday in Abuja.
He said the reduction was made in line with the government monthly review of Premium Motor Spirit ( PMS) pump price.
This second reduction in the pump price is not unconnected with further reduction in the Brent crude price which now sells at 19 dollars per barrel.
The outbreak of coronavirus has affected the world economy adversely and the crude oil market wasn’t an exception