…As IPMAN directs members to adjust to new price
The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced further reduction of the pump price of Premium Motor Spirit (PMS) also known as petrol from N125 to N123.50k per litre.
The agency made the announcement in a statement singed by its Executive Secretary, Abdulkadir Saidu, in Abuja on Tuesday night.
“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.”
He added that 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.
News Agency of Nigeria (NAN) recalls that the agency had on March 18 reduced the pump price of PMS from N145.00 to N125.00.
It noted that from April 1, it would start a new pricing modulation that would reflect the global market fundamental.
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members to adjust to the new Premium Motor Spirit (PMS) pump price of N123.50 per liter approved by the Federal Government.
The National Public Relations Office of IPMAN, Alhaji Suleiman Yakubu, told the News Agency of Nigeria, (NAN) in Abuja on Wednesday, that most filling stations have adopted the new price, and that others will also abide in due course.
“We support the government and its policies, as we also know that government has its citizens’ welfare at heart.
“Some of the marketers just took products before the reduction, so it came as a shock, we will find a way to deal with the situation,”Yakubu assured.
The IPMAN spokesperson, advised their members to obey the government directive as the country is currently on lockdown as a result of the COVID-19 pandemic.
“We have to adjust to what the template gives,”he said.
NAN recalls that the Federal Government had on March 18, reduced the pump price of PMS (petrol) from N145.00 to N125.00.
It was further reduced on March 31, from N125.00 to N123.50k per liter with effect from April 1.