The Federal Government has approved the reduction of the pump price of Premium Motor Spirit (PMS).
The reduction was agreed at the Federal Executive Council (FEC) meeting on Wednesday chaired by president Muhammadu Buhari.
Petrol will now sell for N125 per liter down from N124/liter.
Minister of State for Petroleum, Timipre Sylva who briefed journalists at the end of the meeting at the State House said the President ordered the petroleum regulation agency, PPPRA and the NNPC to comply with the directive immediately.
The PPPRA is responsible for setting the price of petroleum products.
The reduction in price of petroleum products follows the crash of the price of crude oil in the international markets to under $30 from about $67.
Sylva said the adjustments in price will affect all petroleum products adding that going forward the price of petroleum products will be regulated as the market dictates.
“The Nigerian National Petroleum Corporation, NNPC, has officially announced that “Effective March 19, 2020, NNPC Ex-Coastal price of petrol has been reviewed downwards from N117.6/liter to N99.44/liter while Ex-Depot price is reduced from N133.28/liter to N113.28/liter. These reductions will therefore translate to N125/liter retail pump price.”