Current petrol price indicates a reduction of N1 . 5 on every litre of petrol purchased nationwide .
It announced the reduction through the Petroleum Products Pricing Regulatory Agency , after a whole day meeting with stakeholders in the oil and gas sector in Abuja.
Announcing the reduction , the Executive Secretary of the PMS pricing regulator, Abdulkadir Saidu, said , “ 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 1 st 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 . ”
It added , “ Members of the public and all oil marketing companies are to be guided accordingly. ”
The spokesperson for PPPRA, Kimchi Apollo , had told our correspondent at 7 . 30 pm that stakeholders had been meeting on the new price since Tuesday morning .
Officials from the Central Bank of Nigeria , Nigerian National Petroleum Corporation , oil marketers and labour unions , among others, who constitute the petroleum products price modulation committee attended the meeting.
On March 19 , 2020 , a day after the Federal Government announced the pump price of N 125 /litre for petrol , the PPPRA declared that there was the possibility of a new price regime for the PMS beginning from April 1 , 2020 .
It explained that the N125 /liter price might last till the end of March, as a new cost for petrol might be introduced on April 1.
Saidu had told journalists that the PPPRA would be undertaking a review of the PMS price and would announce a new price for the product on April 1 ( today ) if there were changes in the parameters used in determining the N125 / litre pump price.
In another development, the Transmission Company of Nigeria on Tuesday announced an improvement in power generation .
It said this followed the support received from the NNPC in terms of supply of gas to fireup thermal power plants.
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