The Federal Government has approved the reduction of the pump price of petrol by two naira.
This was announced in a statement by the Petroleum Products Pricing Regulatory Agency, which was dated May 31, 2020.
The agency said petrol, which is also known as Premium Motor Spirit, is now to be sold at one hundred and twenty-one naira, fifty kobo.
The price of petrol before now was one hundred and twenty-three naira, fifty kobo.
Recall that government had earlier in March this year also reduced the price of petrol due to the drop in the price of crude oil in the international market.