The federal government has announced a further reduction of the pump price of Premium Motor Spirit (PMS), also known as petrol.

It said the product has been reduced from N125 to N123.50k per litre.

The new rate takes effect from Wednesday, April 1, 2020.

The Petroleum Products Pricing Regulatory Agency (PPPRA) made the announcement in a statement Tuesday night by the Executive Secretary, Abdulkadir Saidu.

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“PPPRA in line with the government approval for a monthly review of Premium Motor Spirit (PMS) pump price, hereby announces Guiding PMS pump price of N123.50 per Litre.

“The Guiding price which becomes effective April 1 2020, shall apply at all retail outlets nationwide for the month of April 2020.”

Saidu assured that said PPPRA and other regulatory agencies would continue to monitor compliance.

The agency had on March 18 reduced the pump price of PMS from N145.00 to N125.00.