President Muhammadu Buhari may have approved the reduction of pump price of the Premium Motor Spirit (PMS) also known as petrol from N145 to N130.
The Federal Government on Wednesday is reported to have 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.
President 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,” the document said.
It added, “Therefore, the FG is directing the NNPC to reduce ex-coastal and ex-depot prices of PMS to reflect the current market realities.”
However, there are speculations that the new price will range from N126 to N130.
