The President Muhammadu Buhari administration has ordered the Nigerian National Petroleum Corporation (NNPC) to reduce the pump price of petrol from N145 to N125.
Concise News understands that this reduction was made to reflect the current crash in the global price of crude oil.
It was gathered that the reduction followed a presentation by the Minister of State on Petroleum Resources, Timipre Sylva, to the Federal Executive Council (FEC) meeting at the presidential villa on Wednesday.
Sylva had made a presentation to the FEC for the reduction of the pump price of the product, citing the drop in the price of crude oil at the global market.
“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.”
Former vice president Atiku Abubakar had on Tuesday advised the federal government to reduce the pump price of petrol.
He also advised that stamp duty collection be suspended.
This, he said, would protect the economic wellbeing of Nigerians given the economic crisis arising from the coronavirus outbreak across the world.
. Buhari Govt Reduces Pump Price Of Petrol Follow Concise News.