Again, FG Reduces Petrol Price to N123.5/litre as COVID-19 cases increases in Nigeria

The Federal Government to curb the spreading of the deadly virus and to make a life easy for the citizens on Tuesday night reduced the price of petrol from N125/litre to N123.5/litre.





VAM recalled that current petrol price indicates a reduction of N1.5 on every litre of petrol purchased nationwide.





FG announced the reduction through the Petroleum Products Pricing Regulatory Agency, after a whole day meeting with stakeholders in the oil and gas sector in Abuja.





 Announcing the reduction, the Executive Secretary of the PMS pricing regulator, Abdulkadir Saidu, said,

   “PPPRA, in line with the government approval for a monthly review of Premium.





“Motor Spirit pump price hereby announces guiding PMS pump price of N123.50 per litre.





It will takes effect from Wednesday, 1st April 2020 nationwide.





 PPPRA and other relevant regulatory agencies shall continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector.”





It added, “Members of the public and all oil marketing companies are to be guided accordingly.”The spokesperson for PPPRA, Kimchi Apollo, had told our correspondent at 7.30pm that stakeholders had been meeting on the new price since Tuesday morning.





Officials from the Central Bank of Nigeria, Nigerian National Petroleum Corporation, oil marketers and labour unions, among others, who constitute the petroleum products price modulation committee attended the meeting.





Recalled that on March 19, 2020, a day after the Federal Government announced the pump price of N125/litre for petrol, the PPPRA declared that there might the possibility of a new price regime for the PMS beginning from April 1, 2020.





It explained that the N125/litre price might last till the end of March, as a new cost for petrol might be introduced on April 1.





Meanwhile, Voiceairmedia reported that 4 new COVID-19 cases recorded by the NCDC, yesterday night and total now One hundred and thirty-nine (139) in Nigeria.



The NCDC tweeted:

 “Four new cases of #COVID19 have been reported in Nigeria; 3 in the FCT and 1 in Lagos As at 08:00 pm 31st March there are 139 confirmed cases of #COVID19 reported in Nigeria. Nine have been discharged with two deaths.





“As at 08:00 pm 31st March, there are 139 confirmed cases 9 discharged 2 deaths For a breakdown of cases by states in real-time, visit http://covid19.ncdc.gov.ng Currently; Lagos- 82 FCT- 28 Oyo- 8 Osun- 5 Ogun- 4 Kaduna- 3 Enugu- 2 Edo- 2 Bauchi- 2 Ekoti- 1 Rivers-1 Benue- 1,“ the NCDC tweeted.