Unic Press UK: Nigeria’s Petroleum Products Pricing Regulatory Agency (PPPRA) has announced further reduction in the price of Premium Motor Spirit (petrol), making it a second time a reduction is effected in less that 1 calendar month.
PPPRA sets new PMS pump price at N123.5 per litre to take effect from April 1st. Read full statement below. pic.twitter.com/mrLzgXqFvQ
— PPPRA (@PPPRAtweets) March 31, 2020
The initial reduction, from ₦145 to ₦125 was made on 19 March. Yesterday, it was further reduced to ₦123.5 per litre.
There’s been free fall in the price of oil, following the oil war between two major producers the Russian Federation and the Kingdom of Saudi Arabia.
According to Oilprice.com, an energy news site, the price of WTI Crude and Brent Crude was $20.58/$25.86 respectively as at 31 March 2020.