Minister of State for Petroleum Resources, Timipre Sylva, says President Muhammadu Buhari has approved a reduction in the pump price of petrol, popularly known as Premium Motor Spirit, PMS, in Nigeria.
The approval is, however, subject to the appropriate monthly pricing regime to be issued by the Petroleum Products Pricing Regulatory Agency, PPPRA.
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A statement personally signed by the Minister 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 cost of petroleum products importation into the country.
International prices of crude oil have dropped by over 45 % since the outbreak of Coronavirus in December last year.
(Editor: Terverr Tyav)
