FG approves reduction of fuel price from N125 to N123 per litre

- The pump price of premium motor spirit has been reduced to N123 per litre by the federal government 

- The reduction comes barely two weeks it was reduced from N145 per litre to N125 - PPPRA said the new price takes an effect on Wednesday, April 1, and urged members of the public to comply with the new change The federal government has ordered the reduction in the pump price of premium motor spirit from the current price of N125 to N123.50 per litre. 

The development comes barely two weeks after President Muhammadu Buhari approved the reduction of pump price from N145 per litre. In a statement released on Tuesday evening, March 31, Abdulkadir Saidu, the executive secretary of the Petroleum Products Pricing and Regulatory Agency (PPPRA), said the guiding price takes effect from Wednesday, April 1. 

According to Saidu, the new pump price will reflect the reality of crude oil sale globally as the price of oil barrel stands at $20 - an unimaginable tumble compared to $50 it was sold in the last two months. 

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