Just In: FG to reduce fuel price from N145 to N130
Following the request made by the Minister of State for Petroleum Resources, Timipre Sylva, to reduce petrol price, the federal government on Wednesday may have approved the reduction of pump price of the Premium Motor Spirit (PMS) also known as petrol from N145 to N130.
A presidential source, who disclosed this to The Nation at the Presidential Villa, said the approval may have followed a presentation by Sylva, to the ongoing Federal Executive Council (FEC) meeting at the Villa.
Just In: Senate reassures completion of 2nd Niger Bridge in 2022
Sylva’s request to the President followed the crash in crude oil prices in the international market.
Speaking with reporters in Abuja on Friday, Sylva explained that this was because of the drop in crude oil prices.
Brent crude which is the global benchmark, was trading at $34.88 per barrel.
This has resulted to a drop in the landing cost of petrol.
The Petroleum Products Pricing Regulatory Agency (PPPRA) gave the landing cost of petrol as N95.16 per litre as at Tuesday, with the expected open market price of petrol was N114.53 per litre.
“This is a developing issue. We are still consulting, we are still following it closely.
“Of course, usually, the product prices follow the crude oil price but we are still consulting, we’ll get back to you, please, be patient,” Sylva said.
