By Bature Dan-Inni, Abuja
The pump price of premium motor spirit (PMS) popularly known as petrol has been reduced from N145 per litre to about N126, the Nigerian government has announced.
The approved reduction in pump price of the petroleum product followed the presentation of the issue by the Minister of State, Petroleum Resources, Timipre Sylva, to the meeting of Federal Executive Council (FEC) chaired by President Muhammadu Buhari.
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, Mele K. Kyari, Group Managing Director, Nigeria National Petroleum Corporation (NNPC) has said.
In a series of tweet, Kyari wrote: “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.
“These reductions, according to him, will therefore translate to N125/litre retail pump price.
“Despite the obvious cost implication of this immediate adjustment to the Corporation, NNPC is delighted to effect this massive reduction of N20/litre for the benefit of all Nigerians.
“Accordingly, all NNPC Retail stations nationwide have been directed to change the retail pump price to N125/litre,” he added.
The approval followed the fall in crude oil prices from $60, which is now currently oscillating between $29 and $30.
Sources closed to the federal government disclosed that government would from now on allow the international price of crude oil to determine the prices of the product in the country.