Pump Price of Petrol is further reduced from N125 per litre to N123.5 per litre.
This is contained in a broadcast by the Petroleum Products Pricing and Regulatory Agency (PPRA) on Tuesday, 31 March.
The reduction comes a little over 1 week after the pump price of petrol was slashed from N145 to N125.
The Executive Secretary of PPRA, Abdulkadir Saidu says the reduction is a fall out of the reduction of a barrel of crude oil which slumped further from $50 to $20 within 2 months.
The global decline in the price of oil also follows the price war between Russia and Saudi Arabia. Prices nose-dived when Saudi Arabia initiated a slash in the price of a barrel crude on the 8th of March.
Wikipedia reports that “the price war was triggered by a breakup in dialogue between the Organization of the Petroleum Exporting Countries (OPEC) and Russia over proposed oil production cuts in the midst of the 2019–20 coronavirus pandemic.”
Nigeria’s reduction in price of petrol is also, a fall out in the reduced landing cost of petrol in the country.
The new pump price of N123 per litre takes effect from today, April 1st, 2020 according to Abdulkadir Saidu, Executive Secretary of PPRA.
On its part, NNPC announced that the country has enough petrol to ensure there is no scarcity. This is more so as Nigerians stay at home following the lockdown instructed by President Muhammadu Buhari.
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