JUST IN: Nigeria to Reduce Petrol Price to #130

In News 2020-03-18 15:44:32
JUST IN: Nigeria to Reduce Petrol Price to #130
JUST IN: Nigeria to Reduce Petrol Price to #130

Philip Nwelih


Nigerians may just about be buying petrol at a reduced price. This is because the Federal government may soon announce a reduction in pump price of premium motor spirit (PMS) from N145 per litre to about N130.


Our correspondent gathered from Presidency sources on Wednesday that the approval followed presentation by minister of state petroleum resources Mr Timipre Sylva to the Federal Executive Council (FEC), on Wednesday.


The Presentation reportedly harped on the need to reduce the pump price following the global fall in oil price.


As a result of the spread of Coronavirus, international crude oil price slumped from $60 (about #22,000) to $30 (about #11,000), causing fear of a possible economic crisis.


Nigeria Info also gathered that going forward, the government would allow the international price of crude to determine the prices of the product in Nigeria.


As at the time of this report, Sylva is meeting with members of the organized Labour in the oil and gas sector before proceeding to make the formal announcement for the price adjustment.


On Tuesday, former Vice President, Atiku Abubakar called on the Nigerian government to reduce the price of petrol.


“The Coronavirus is raging in the world and not just ravaging human beings, it is also affecting economies,” Atiku wrote.


“Every action that can be taken to ease the cost of doing business in Nigeria and reduce the cost of living.


“As the landing cost of Premium Motor Spirit, also known as petrol, has reduced significantly, it is strongly recommended that the government should not absorb the savings, but should pass it on to the Nigerian people by way of reducing the pump price of PMS to reflect the current prevailing market costs,” Atiku noted.


Additional report by Ufuoma Egbamuno