The Federal Government has reduced the pump price of Premium Motor Spirit, popularly known as Petrol, from N125.00 to N123.50 with effect from Wednesday, April 1, 2020. This was disclosed by the Petroleum Products Pricing Regulatory Agency (PPPRA) in a statement issued by its Executive Secretary, Abdulkadir Saidu and seen by Nairametrics.
Saidu, in the statement, explained that in line with the government approval for a monthly review of PMS pump price, PPPRA announced the new price.
It stated, “The guiding price, which becomes effective April 1, 2020, shall apply at all retail outlets nationwide for the month of April 2020.
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“The 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.”
Nairametrics had reported that FG announced last month that it may review the pump price of PMS by April 1.
PPPRA, while making the announcement, noted that the new price regime of N125 per litre would only last till the end of March.
This was disclosed by Saidu, during a press briefing in Abuja where the PPPRA boss stated that the agency would review the price of PMS and announce a new price for the commodity by April 1, 2020, if there is any change in the parameters used in determining the current price.
He pointed out that the reduced price, which was announced on Wednesday, March 18, 2020, would run throughout the month of March 2020. He went further to say that the review of the pump price of PMS would be on a monthly basis and changes made, depending on the realities on the ground.
He dismissed claims by oil marketers that they were not consulted before the review of the pump price of PMS and expressed reservations at some of them who have not yet complied with the new directive.
He, however, gave assurances of the Federal Government’s willingness to continue to engage the oil marketers as a meeting had been scheduled with representatives of the oil marketing companies, Independent Petroleum Marketers Association of Nigeria, IPMAN; Major Oil Marketers Association of Nigeria, MOMAN; and Depot and Petroleum Products Marketers Association, DAPPMA.