The Federal Government has approved the reduction in the pump price of Premium Motor Spirit (PMS) from N145 per liter to about N125.
Minister of State for Petroleum Resources, Timipre 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.
It was learned that the government approved the new price after a presentation by Sylva today at the ongoing meeting of the Federal Executive Council (FEC) being presided over by President Muhammadu Buhari at the presidential villa, Abuja.
Due to the outbreak of coronavirus which affected global economy, international crude oil price slumped from $60 to $30 and even less, causing fear that many countries may soon go into recession.
It was also learnt that going forward, the government want to allow the international price of crude to determine the prices of the product in Nigeria.
