FG Slashes Petrol Price To N130 Per Litre

The Federal Government has reduced the pump price of premium motor spirit (PMS) known as petrol from N145 per litre to about N130 per litre.

The approval followed a presentation by Minister of State for Petroleum Resources, Timipre Sylva to the Federal Executive Council (FEC), on Wednesday, on the need to reduce the pump price following the global fall in oil price.

Following the spread of the coronavirus, COVID-19, international crude oil price slumped from $60 to $30, triggering fear of a possible economic crisis.

Going forward, the government would allow the prices of crude in Nigeria to be determined by the international price of the product.

Sylva is currently meeting with members of the organized Labour in the oil and gas sector before proceeding to make the formal announcement for the price adjustment.