The Federal Government has failed to review the N123.5 to N125/litre pump price of petrol for the month of May 2020 despite continued crash of crude oil price.
The Petroleum Products Pricing Regulatory Agency had stated that the cost of petrol would be reviewed monthly in accordance with the fluctuation of crude oil price in the international market.
Brent, the crude against which Nigeria’s oil is priced, tumbled in price repeatedly in April 2020, crashing below $20 per barrel on many occasions, before picking up marginally towards the end of April. On March 31, 2020, the PPPRA met with oil marketers, the Nigerian National Petroleum Corporation, the Central Bank of Nigeria and other stakeholders, after which the cost of petrol was reduced to N123.5/litre.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Organised Private Sector petitions FG over pump price Of diesel, calls for reduction – Daily TrustThe Nigerian Association Of Chambers Of Commerce, Industry, Mines And Agriculture (NACCIMA) has written a petition to the federal government to investigate and slash diesel pump price to align with declining international oil price. The association in the petition to President Muhammadu Buhari, which was addressed to the Director General of the Federal Competition and …
Read more »
COVID 19: FG mobilises over 200,000 PHC workersThe federal government in its effort to combat the spread of coronavirus (COVID-19), especially as there is a surge in community transmission, has begun the training of over 200,000 PHC workers
Read more »
FG to prosecute people without face masks in public
Read more »
FG To Exploit Local Resources, Create Jobs In COVID-19 Recovery Plan: OsinbajoFG To Exploit Local Resources, Create Jobs In COVID-19 Recovery Plan: Osinbajo
Read more »
Lockdown Palliative: FG orders release of 100 trucks of grains from Yola food reserveThe Federal Government has directed the release of about 17,500 metric tonnes of assorted grains from Yola National Food Reserve site for distribution as palliatives to Nigerians.
Read more »
Don commends FG efforts on COVID-19 - The NationA former Vice Chancellor of the University of Benin, Professor Friday Orumwense has commended Federal Government efforts to halt the...
Read more »