Petroleum Products Pricing Regulatory Agency has announced a new pump price band of N121.50 from N123.50 per litre for Premium Motor Spirit, also known as petrol.

The PPPRA, which is an agency of the Federal Government, disclosed this in a circular to fuel marketers dated May 31, 2020, but obtained today.

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.