The pump price for Premium Motor Spirit (PMS) otherwise known as petrol has been reduced from N123.50 per litre to N121.50 per litre.
This was revealed by the Petroleum Products Pricing Regulatory Agency (PPPRA), in a circular to fuel marketers dated May 31, 2020.
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, wiping off subsidy on the product.
The pump price of petrol, which is still being regulated by the Federal Government, was reduced to N125 per litre from N145 per litre on March 18, 2020, effective March 19.
The PPPRA further announced on March 31 a price band of N123.50 to N125 per litre, effective April 1.