The Nigerian government has further slashed the price of Premium Motor Spirit (PMS) to US$0.32 per litre
When the Nigerian government reduced the price of a litre on 18 March, the government said that the price would be modulated on a monthly basis as the international price of oil dictates. The new price of US$0.32 to a litre is for the month of April as a new price will be announced in May according to the international price of oil.
With the price of oil inching up, Nigerians may have to contend with a higher rate from May 2020.
Following the lockdown announced by the Nigerian government for Lagos and Abuja and to address the challenges of transporting fuel within the country, the country has called on security agencies to allow tanker drivers’ free movement.
The largest economy in Africa and a strong member of the Oil Producing Exporting Countries (OPEC), Nigeria imports almost all of refined products for domestic use and are transported from Lagos where the ports are to other parts of Nigeria.
