The Petroleum Products Pricing Regulatory Agency has announced a new pump price of N121.50 to N123.50 per litre for Petrol.
The PPPRA, a Federal Government agency, disclosed this in a circular to fuel marketers dated May 31, 2020.
The sharp drop in crude is as a result of the spread of coronavirus which saw the landing cost of petrol hitting a record low in March, wiping off subsidy on the product.
The pump price of petrol, which is still being regulated by the Federal Government, was reduced to N125 per litre from N145 per litre on March 18, 2020, effective March 19.
The PPPRA further announced on March 31 a price band of N123.50 to N125 per litre, effective April 1.