Chidi Samuel| President Muhammadu Buhari on Wednesday directed the Nigerian National Petroleum Corporation to reduce the pump price of petrol to N125 per litre.
The move the government said, is to reflect the current crash in the global price of crude oil.
The development followed a briefing on the matter by the Minister of State, Petroleum Resources, Timipre Sylva.
The minister also made a presentation to the Federal Executive Council on the matter.
The minister’s briefing read in part, “The drop in crude oil prices has the expected open market price of imported petrol below the official pump price of 145 per litre.
“Therefore, the FG is directing the NNPC to reduce ex-coastal and ex-depot prices of PMS to reflect the current market realities.”
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