The Nigerian government has reduced petrol price from N145 to N120 following the crash of oil.
The price of petrol has dropped to N120 from N145 following an approval given by President Muhammadu Buhari.
The decision was taken after a presentation by the Minister of State, Petroleum, Mr Timipre Sylva to the Federal Executive Council on Wednesday.
Nigerian government and the Nigerian National Petroleum Corporation confirmed the new price of N125 per litre on Twitter.
RE: REDUCTION IN PRICE OF PREMIUM MOTOR SPIRIT (PMS)
Reductions, as communicated by @NNPCgroup, will translate to N125/litre retail pump price. https://t.co/skqr4lrjKO
— Ministry of Petroleum Resources, Nigeria (@FMPRng) March 18, 2020
READ ALSO: Coronavirus: Sales Of Crude Oil Drop Over Outbreak Of Disease In Nigeria
In compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing, the Corporation has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly.
It was learnt the reduction in petrol price became relevant following the crash in crude oil price due to the spread of Coronavirus.
Oil sells for about $29 per barrel, dropping from about $60 in December.
Sylva had hinted last week that the government was consulting on whether to cut the pump price of petrol and would come up with a decision soon.
2. Effective 19th March 2020, NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre.
— NNPC Limited (@nnpclimited) March 18, 2020
According to the source, who did not want to be named, Sylva had made a request to the FEC for the reduction of the pump price of the product, citing the drop in the price of crude oil at the global market.
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