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The Federal Government has once again slashed the pump price of fuel following a drop in the price of crude oil.

The Petroleum Products Pricing Regulatory Agency announced a new pump price band of N121.50 to 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 petroleum marketers dated May 31, 2020, reports Punch.

The development comes after the cost of crude oil per barrel dropped to less than a dollar globally a couple of months ago.

This is is predicted to have a large effect in the Nigerian economy which has been mostly dependent on export of crude oil.

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