Nigerians will now pay less for petroleum.
According to the Petroleum Products Pricing and Regulatory Agency (PPPRA), the pump price of petrol has been further slashed to N123.50 per litre from the current price of N125.
Barely two weeks ago, the agency had reduced the price from N145 to N125.
The reduction was necessitated by declining landing cost of petrol into Nigeria as a result of the reduction of crude oil prices globally.
The Executive Secretary of PPPRA, Abdulkadir Saidu, announced the new pump price, adding that all retail outlets should start complying with the new price by tomorrow.