The Federal Government has instructed the Nigerian National Petroleum Corporation (NNPC) to reduce the pump price of petrol to reflect the current crash in the global price of crude oil.
The President, Muhammadu Buhari, approved the price reduction after the Minister of State, Petroleum Resources, Mr Timipre Sylva, briefed him on the matter.
“The drop in crude oil prices has the expected open market price of imported petrol below the official pump price of 145 per litre,” the document said.
It added, “Therefore, the FG is directing the NNPC to reduce ex-coastal and ex-depot prices of PMS to reflect the current market realities.”
In a statement on NNPC Twitter handle –
— NNPC Group (@NNPCgroup) March 18, 2020
RE: REDUCTION IN PRICE OF PREMIUM MOTOR SPIRIT (PMS)
— Ministry of Petroleum Resources, Nigeria (@FMPRng) March 18, 2020