The President Muhammadu Buhari led federal government is understood to have reduced the pump price of Premium Motor Spirit (PMS) from N145 per liter to N125.
This is said to be part of the decisions reached during Wednesday’s Federal Executive Council (FEC) meeting in Abuja according to multiple sources.
It will be recalled that last week, the Minister of State for Petroleum Resources, Timipre Sylva, had 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.
Confirming the adjustment in the pump price of petrol, a statement signed by Mele K. Kyari, Group Managing Director, NNPC on Wednesday said the downward review will now translate to N125/litre retail pump price.
The statement reads: “In compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing, the Corporation has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly.”
“Effective 19th March 2020, NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre.”
“These reductions will, therefore, translate to N125/litre retail pump price.”
“Despite the obvious cost implication of this immediate adjustment to the Corporation, NNPC is delighted to effect this massive reduction of N20/litre for the benefit of all Nigerians.”
“Accordingly, all NNPC Retail stations nationwide have been directed to change the retail pump price to N125/litre.”