Global News

UPDATE: FG Reduces Petrol Price To N125 Per Litre

UPDATE: FG Reduces Petrol Price To N125 Per Litre (Updated: Wednesday, 18th March 2020, 06:10 PM)


President Muhammadu Buhari has approved the reduction in the pump price of Premium Motor Spirit (PMS) from N145 to N125 per litre following the crash of crude oil in the international market.

The Minister of State for Petroleum Resources, Chief Timipre Sylva, confirmed this after the meeting of the Federal Executive Council (FEC) presided over by President Buhari on Wednesday at the presidential villa, Abuja.

Sylva had last week said the government was in consultation with relevant stakeholders on the possibility of reducing the price following the crash in crude oil prices in the international market.

The approved came price after a presentation he made to the council.

Sylva explained that the drop in crude oil prices has lowered the expected open market price of imported petrol below the official pump price of N145 per liter.

He said: “Therefore, Mr. President has approved that Nigerians should benefit from the reduction in the price of PMS which is a direct effect of the crash in global crude oil prices.

“In view of this situation, based on the price modulation template approved in 2015, the Federal Government is directing the Nigerian National Petroleum Corporation (NNPC), to reduce the Ex-Coastal and Ex-Depot prices of PMS to reflect current market realities.

“Also, the PPPRA shall subsequently issue a monthly guide to NNPC and marketers on the appropriate pricing regime.

“The agency is further directed to modulate pricing in accordance with prevailing market dynamics and respond appropriately to any further oil market development.

“It is believed that this measure will have a salutary effect on the economy, provide relief to Nigerians and would provide a framework for a sustainable supply of PMS to our country.

“The Ministry of Petroleum Resources will continue to encourage the use of compressed natural gas to complement PMS utilization as a transport fuel.”

Tags

Add a coment

Recent Posts

Adekunle Gold
Adekunle Gold
Liya
Liya
Minjin
Minjin
HarrySong
HarrySong
Fizzy Mayur
Fizzy Mayur
Ayanfe Viral
Ayanfe Viral
Flavour
Flavour
Banky W
Banky W
BNXN
BNXN
Yomi Blaze
Yomi Blaze
Sinzu
Sinzu
Dr Dolor
Dr Dolor
Sinach
Sinach
Davido
Davido
L.A.X
L.A.X
Samklef
Samklef
Wale
Wale
Blaq Jerzee
Blaq Jerzee
Cassper...
Cassper...
Rahman Jago
Rahman Jago
Kida Kudz
Kida Kudz
Viktoh
Viktoh
Teni
Teni
Kranium
Kranium
Philkeyz
Philkeyz
Broda Shaggi
Broda Shaggi
Tope Alabi
Tope Alabi
Future
Future
Vector
Vector
Asa
Asa
Mohbad
Mohbad
A-Q
A-Q
Pasuma
Pasuma
Magixx
Magixx
Frank Edwards
Frank Edwards
May D
May D
Ibraah
Ibraah
Dapo Tuburna
Dapo Tuburna
Emo Grae
Emo Grae
Rudeboy
Rudeboy
NAIJAKIT.COM