Premium Motor Spirit (PMS) also known as petrol will now be sold for N123.50k per litre, the Petroleum Products Pricing Regulatory Agency (PPPRA) announced on Tuesday.
The new price is a drop from the previous reduction from N145 to N125.
The PPPRA announced the new price in a statement singed by its executive secretary, Abdulkadir Saidu, 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 said.
Mr Saidu 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.