The Federal Government On Wednesday directed the Nigerian National Petroleum Corporation to reduce the pump price of petrol to reflect the current crash in the global price of crude oil.
President Muhammadu Buhari (retd) approved the price reduction after the Minister of State, Petroleum Resources, Mr Timipre Sylva, briefed him on the matter.
Sylva also made a presentation to the Federal Executive Council on Wednesday.
“The drop in crude oil prices has the expected 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.”
The document did not fix any price as the new official price, as it was left to the NNPC to decided.
Few hours later, the NNPC came out with the agreed pump price of N125. In a one paragraph statement, the corporation said, “In line with the Federal Government approval for an adjustment in the pump price of petrol, the Nigerian National Petroleum Corporation (NNPC) has been directed to change their pump prices to N125 per litre from Wednesday.