Exclusive information reaching Page 36 on Tuesday morning, revealed that the President Muhammadu Buhari-led Federal Government, through the Petroleum Products Pricing Regulatory Agency, PPPRA, is set to further reduce the pump price of petrol to N109 per litre, in the country, any moment from now.
A reliable source from one of the major Marketers of the product disclosed this to our Reporter, when making enquiry about the current implementation of the recently reduced pump price of N121.50 – N123.50 per litre from N125.
The source said: “The Major Depot Marketers have been meeting over the further reduction of petrol pump price in the country. They have now agreed to sell it to customers at N109 per litre, and very soon the Federal Government will announce the new price and its implementation.”
Recall, that the PPPRA had announced a new pump price band of N121.50 – N123.50 per litre for Premium Motor Spirit, PMS, also known as petrol, just a few week ago.
The Federal Government Agency, disclosed this in a circular to fuel Marketers, dated May 31, 2020.
The drop in crude oil prices on the back of the spread of the coronavirus around the world, saw the landing cost of petrol hitting a record low in March, wiping off subsidy on the product.
The pump price of petrol, which was still being regulated by the Federal Government, was reduced to N125 per litre from N145 per litre, on March 18, 2020, effective March 19.
The PPPRA further announced on March 31, a price band of N123.50 to N125 per litre, effective April 1, before the last announcement.