The Petroleum Products Pricing Regulatory Agency PPPRA has announced a new pump price for Premium Motor Spirit also known as petrol at 121 naira 50 kobo per litre.

The PPPRA disclosed this in a circular to fuel marketers dated May 31, 2020, which was made available to newsmen.

The sharp drop in crude oil prices on the back of the spread of corona virus saw the landing cost of petrol hitting a record low in March, wiping off subsidy on the product.