The Federal Government has 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.
The President Muhammadu Buhari 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.
This is to be decided by the NNPC, it was learnt. However, there are speculations that the new price will range from N126 to N130.