By James Ameh

Abuja------------- The Federal Government has again slashed the pump price of Premium Motor Spirit, PMS, or petrol to N123.50 per litre from N125.

The government made this known Tuesday, saying the new price would take effect from April 1, 2020. 

According to the government, the new price, which would last throughout the month of April, was followed the continuous decline in the price of crude oil in the international market. 

A statement signed in Abuja, Tuesday night by the Executive Secretary, Petroleum Products Pricing Regulatory Agency, PPPRA, Abdulkadir Saidu, said that the new price was in accordance with the approval of the Federal Government for a monthly review of of the price of petrol. 

The statement further read, "PPPRA, in line with the government's approval for a monthly review of 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.

"PPPRA and other relevant regulatory agencies shall continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector. "Members of the Public and all Oil marketing companies are to be guided accordingly."

The government, had earlier on March 18, announced a reduction in the price of petrol from N145 to N125 per litre, with the PPPRA later explaining that there was the possibility of a new price regime for petrol from April 1.

The PPPRA further stated then that the new N125 per litre pump price would last till the end of March 2020.