The Federal government has slashed the pump price of petrol to N121.50/liter.
It is the third such price slash of Premium Motor Spirit (PMS) in recent times.
TheCable reports that the latest price reduction was conveyed in a May 31 circular from the Petroleum Products Pricing Regulatory Agency (PPPRA) to petrol marketers.
The federal government recently reduced the pump price of petrol from N145 to N125, and then to N123.
The PPPRA and the Nigerian National Petroleum Corporation (NNPC) have informed the nation that the pump price of petrol will henceforth be determined by market forces of demand and supply.