The President Muhammadu Buhari-led Federal Government have approved the reduction of pump price of petrol, also known as Premium Motor Spirit (PMS), from N145 to N125.
The approval followed a presentation by the Minister of State on Petroleum Resources, Chief Timipre Sylva, to the ongoing Federal Executive Council (FEC) meeting at the Presidential Villa on Wednesday.
According to Chief Sylva, “price will henceforth be “modulated” in line with rise or fall in oil prices”.
Sylva had made a request to FEC for the reduction of pump price of the product over the recent drop in the price of crude oil at the global market as reasons for the proposed reduction.
Currently, crude oil stands at $25 per barrel on the global market as a result of the crash occasioned by the deadly Coronavirus pandemic across the globe.
