Report says, the federal government has approved the reduction in the pump price from the current price of N125 to N123.50 per litre.
The is coming barely two weeks after President Muhammadu Buhari approved the reduction of pump price from N145 to N125 per litre.
This was contained in a statement released on Tuesday evening, March 31, and the Executive Secretary of the Petroleum Products Pricing and Regulatory Agency (PPPRA) Abdulkadir Saidu noted that the price will take effect from Wednesday, April 1.
According to the Secretary, the new pump price will reflect the reality of crude oil sale globally as the price of oil barrel stands at $20, an unthinkable crash as it was $50 in the last two months.
He added that, PPPRA and other regulatory agencies will strictly monitor the compliance, while he urged members of the general public and oil and gas companies to be guided according to the new price.