Amid global oil crisis occasioned by the Covid-19 scourge, the federal government has on May, 31, reduced the petrol pump price from N123.50 to N121.50 per litre.
The reduction was contained in a circular directed to oil marketers nationwide by the Petroleum Products Pricing Regulatory Agency (PPPRA).
PPRA said the new development takes effect from Monday, June 1, as the price of oil tumbled in the global market, wiping off subsidy on the products.