Just In – Petrol Pump Price Now N130 Per Litre
President Muhammadu Buhari has approved the reduction in pump price of premium motor spirit (PMS) from N145 per liter to about N130.
The decision was taken after a presentation by the Minister of State, Petroleum, Mr Timipre Sylva to the Federal Executive Council on Wednesday.
It was learnt the reduction in petrol price became relevant following the crash in crude oil price due to the spread of Coronavirus.
Oil sells for about $29 per barrel, dropping from about $60 in December.
Sylva had hinted last week that the government was consulting on whether to cut the pump price of petrol and would come up with a decision soon.