Amid global oil crisis occasioned by the Covid-19 scourge, the federal government has on May, 31, reduced the petrol pump price from N123.50 to N121.50 per litre. The reduction was contained in a circular directed to oil marketers nationwide by the Petroleum Products Pricing Regulatory Agency (PPPRA).
PPRA said the new development takes effect from Monday, June 1, as the price of oil tumbled in the global market, wiping off subsidy on the products. The reduction was announced barely two months after the agency reduced the price for Premium Motor Spirit from N125 to N123.5 per litre as contained in the circular sent to oil marketers on March 31.
The price of the Premium Motor Spirit known as petrol has been reduced to N121.50 per litre. PPPRA directed all the oil marketer in the downstream sectors to comply with the new directives, adding that compliance with the new pump price will be monitored by the appropriate agencies.
Oil per barrel is being sold globally at 32.80. This is an unimaginable collapse that is due to coronavirus pandemic presently ravaging the world and sliding global economy into crisis.