The Petroleum Products Pricing and Regulatory Agency, PPPRA, has reduced the pump price of petrol to N123.50/Litre from the current price of N125.00/Litre. This new price is to take effect today according to the Executive Secretary of PPPRA, Abdulkadir Saidu, who announced the new pump price.
This comes precisely two weeks after the agency reduced the pump price from N145.00/Litre to N125.00/Litre.
This reduction is based on the reduced landing costs of petrol into Nigeria which is caused by the global decline of crude oil prices.
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