BREAKING: FG Reduces Fuel Price To N130
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.
A reliable presidential source, who disclosed this to The Nation at the Presidential Villa on Wednesday, said the approval may have followed a presentation by the Minister of State on Petroleum Resources, Chief Timipre Sylva, to the ongoing Federal Executive Council (FEC) meeting at the Villa.
According to the source, who would not want to be named, Sylva had made a request to the FEC for the reduction of pump price of the product, citing the drop in the price of crude oil at the global market.
Below is the statment released by NNPC
PMS Price Adjustment
In compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing, the Corporation has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly.
Effective 19th March 2020, NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre.
These reductions will therefore translate to N125/litre retail pump price.
Despite the obvious cost implication of this immediate adjustment to the Corporation, NNPC is delighted to effect this massive reduction of N20/litre for the benefit of all Nigerians.
Accordingly, all NNPC Retail stations nationwide have been directed to change the retail pump price to N125/litre.
Mele K. Kyari
Group Managing Director, NNPC
