The Nigerian government has announced a slight reduction in the pump price of petrol.
The Petroleum Products Pricing Regulatory Agency (PPPRA) gave the new approval.
The PPPRA, which is an agency of the Federal Government, disclosed this in a circular to fuel marketers dated May 31, 2020, which was obtained by Swagenews on Monday.
The sharp drop in crude oil prices on the back of the spread of Coronavirus saw the landing cost of petrol hitting a record low in March, taking out subsidy on the product.
A 2 Naira band has been removed from the price of Premium Motor Spirit (PMS).
One litre will now sell for between N121.50 to N123.50.
The PPPRA had on March 31 fixed a price band of N123.50 to N125 per litre.
