The Federal Government has directed the Nigerian National Petroleum Corporation to reduce the pump price of petrol from N 145 to N125.
President Buhari approved the price reduction after the Minister of State , Petroleum Resources , Mr Timipre Sylva, briefed him on the matter.
The document read in parts “ The drop in crude oil prices has the expected open market price of imported petrol below the official pump price of 145 per litre. Therefore, the FG is directing the NNPC to reduce ex- coastal and ex- depot prices of PMS to reflect the current market realities.”
Speaking with journalists after the session, he said the new price would take “ immediate effect ” .