The new price represents a N30 reduction from N865 per litre implemented six days ago, marking a 3.5 per cent decrease, and a N45 reduction from the N880 per litre sold by the facility last Wednesday.

The price of petrol was on Tuesday cut by 70 paise a litre, excluding local levies, the second reduction in rates this month as appreciation of the rupee against dollar made oil imports cheaper.

The federal government on Friday reduced the price of petrol by Re1 per litre for the next fortnight while the price of high-speed diesel (HSD) remained unchanged. “The Oil and Gas Regulatory ...