The Petroleum Products Pricing Regulatory Agency (PPPRA) gave the new approval.
The latest directive was contained in a circular to fuel marketers.
A 2 Naira band has been removed from the price of Premium Motor Spirit (PMS).
One litre will now sell for between N121.50 to N123.50.
The PPPRA had on March 31 fixed a price band of N123.50 to N125 per litre.
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