In response to the continuing crash of crude in the international oil market, the Federal Government slashed the pump price of premium motor spirit, or petrol, from N145 to N125.
President Muhammadu Buhari order the Nigerian National Petroleum Corporation, NNPC, to effect the reduction with immediate effect.
The President gave the order after approving a presentation on the matter by the Minister of State, Petroleum Resources, Mr Timipre Sylva, at Wednesday’s Federal Executive Council meeting, FEC.
Silva, after the meeting, told State House Correspondents that the NNPC and the PPPRA would work out the modalities, adding that the cut would also affect diesel and kerosene.
“The drop in crude oil prices has the expected open market price of imported petrol below the official pump price of 145 per litre,” the document said, adding: “Therefore, the FG is directing the NNPC to reduce ex-coastal and ex-depot prices of PMS to reflect the current market realities.”