MON, JUN 01 2020-theG&BJournal- The Federal Government has reduced the pump price of petrol to a new band of between N120.50 and N123.50, the third price reduction since mid-March 2020 when prices was first reviewed downward to 125 per litre.
The new pump price is contained in a Petroleum Products Pricing Regulatory Agency (PPPRA) circular to petrol marketers Sunday seen by theG&BJournal today. The new price is reflective of the developments in global the crude oil prices which have dropped significantly since the outbreak of the coronavirus pandemic.
The new pump price confirms theG&BJournal’s report of April 21 2020, which hinted of a about 1.2% downward review, due to lower global oil prices.
|READ ALSO: FG plans further downward review of petrol price
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President Muhammadu Buhari first approved downward review of petrol pump price in March 2020 when he said Nigerians should benefit from the reduction in the price of PMS which is a direct effect of the crash in global oil price.
Brent Crude traded +0.25 at $38.09 Monday ahead of OPEC+ meeting this week to discuss extending the agreed 9.7 million barrel per day production cuts beyond this month.
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