The Federal Government of Nigeria on Tuesday night reduced the price of petrol from N125/litre to N123.5/litre.

Current petrol price indicates a reduction of N1.5 on every litre of petrol purchased nationwide.

It announced the reduction through the Petroleum Products Pricing Regulatory Agency, after a whole day meeting with stakeholders in the oil and gas sector in Abuja.

Announcing the reduction, the Executive Secretary of the PMS pricing regulator, Abdulkadir Saidu, said, “PPPRA, in line with the government approval for a monthly review of Premium

“Motor Spirit pump price hereby announces guiding PMS pump price of N123.50 per litre.

“The guiding price which becomes effective 1st April 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.”

It added, “Members of the public and all oil marketing companies are to be guided accordingly.”

The spokesperson for PPPRA, Kimchi Apollo, had told our correspondent at 7.30pm that stakeholders had been meeting on the new price since Tuesday morning.

Officials from the Central Bank of Nigeria, Nigerian National Petroleum Corporation, oil marketers and labour unions, among others, who constitute the petroleum products price modulation committee attended the meeting.

On March 19, 2020, a day after the Federal Government announced the pump price of N125/litre for petrol, the PPPRA declared that there was the possibility of a new price regime for the PMS beginning from April 1, 2020.

It explained that the N125/litre price might last till the end of March, as a new cost for petrol might be introduced on April 1.

Saidu had told journalists that the PPPRA would be undertaking a review of the PMS price and would announce a new price for the product on April 1 (today) if there were changes in the parameters used in determining the N125/litre pump price.

In another development, the Transmission Company of Nigeria on Tuesday announced an improvement in power generation.

It said this followed the support received from the NNPC in terms of supply of gas to fireup thermal power plants.