President Muhammadu Buhari has approved a review in the pump price of petrol, popularly known as Premium Motor Spirit, PMS, in the country from N145 per litre to N125.
Minister of State for Petroleum Resources, Timipre Sylva, who announced this at the end of the Federal Executive Council, FEC meeting, said the price review is to cushion the effect of Coronavirus pandemic on economy.
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The Federal Government is also to review the pump prices of other petroleum products including diesel.
A statement issued earlier by the Minister, however, said the reduction in the price of PMS “is a direct effect of the crash in global crude oil prices”.
The crash in international prices of crude oil have reduced the landing cost of petroleum products imported into Nigeria.
International prices of crude oil have dropped by over 45 % since the outbreak of Coronavirus in December last year
(Editor: Terverr Tyav)
