The Petroleum Products Pricing Regulatory Agency has announced a new price regime of N121.50 to N123.50 per litre for petrol.
The new price regime for petrol also known as Premium Motor Spirit was contained in a May 31, 2020 circular the PPRA sent to fuel marketers.
The landing cost of petrol hit a record low in March, wiping off subsidy on PMS, following a sharp drop in crude oil prices due to the spread of the COVID-19 pandemic.
On March 18, 2020, the Federal Government reduced the pump price of per litre to N125 from N145.