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The Federal Government have announced the reduction of petrol pump price from N125 per litre to N123.5 per litre, effective from today Wednesday April 1.
The announcement was made on Tuesday through the Petroleum Products Pricing Regulatory Agency PPPRA, after a whole day meeting with stakeholders in the oil and gas sector in Abuja.
According to the Executive Secretary of the agency, Abdulkadir Saidu said the reduction of the Premium Motor Spirit (PMS) was in line with the government approval for a monthly review of the product price.
Saidu stated: “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 1st 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.
“Members of the public and all oil marketing companies are to be guided accordingly.”
Meanwhile the Independent Petroleum Marketers Association of Nigeria, IPMAN, has promised to do its part in ensuring that petrol stations across the country remain open to serve the public.
In a statement by its President, Engineer Sanusi Fari, the association also pledged to work in collaboration with the leadership of the National Union of Petroleum and Natural Gas Workers, NUPENG and Petroleum Tanker Drivers, PTD, to lessen the pain caused by the lock-down announced by the Federal Government.
The statement reads in part: “We have directed our members to continue operation in line with the directives of Mr. President by ensuring that our petrol stations remain open while observing the strict guidelines from our health authorities.
“We, like every other Nigerians, are calling on our members to sacrifice by obeying the directives of Mr. President.
“We call on Petroleum Equalization Fund management board to continue payment of marketers bridging claims as promised, to lesson our burden especially at this time to enable us to continue to serve the public in the interest of our country, Nigeria.”
