The Federal Government has directed the Nigerian National Petroleum Corporation (NNPC) to reduce the pump price of petrol from 145 Naira to 125 Naira. This follows President Muhammadu Buhari’s approval of the new price at the Federal Executive Council.
ASPHERICNEWS had earlier reported that the Minister of State on Petroleum Resources, Chief Timipre Sylva, made a presentation for the price reduction at the Federal Executive Council meeting on Wednesday. The directives issued to NNPC partly stated: “The drop in crude oil prices has affected 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.”
Following the global outbreak of the Coronavirus, Crude oil now sells for about $29 per barrel, against the $60 per barrel price in December 2019.