On 18 March, 2020, the price was reduced from N145.50 to N125 because of the glut in the international oil market.
The latest reduction was announced by the agency through a statement signed by its Executive Secretary, Abdulkadir Saidu, in Abuja on the night of Tuesday, 31 March 2020.
“PPPRA in line with the government approval for a monthly review of Premium Motor Spirit (PMS) pump price, hereby announces Guiding PMS pump price of N123.50 per Litre.
“The Guiding price, which becomes effective April 1, 2020, shall apply at all retail outlets nationwide for the month of April 2020,” the statement said.
He added that the PPPRA and other relevant regulatory agencies would continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector.
Saidu noted that members of the public and all oil marketing companies are to be guided accordingly.
The statement noted that from 1 April 2020, it would start a new pricing modulation that would reflect the global market fundamental.