Updated: Petroleum pump price now N125 per litre

The  Nigerian National Petroleum Corporation (NNPC) has been directed to reduce the pump price per litre of petrol from N145 to N125.

The directive was given by the Federal government of Nigeria, saying that the reduction was ocassioned by the current global crude oil plummet.

President Muhammadu approved the price reduction after the Minister of State, Petroleum Resources, Mr Timipre Sylva, briefed him on the matter.

Sylva also made a presentation to the Federal Executive Council (FEC) on Wednesday in Abuja.

“The drop in crude oil prices has the expected open market price of imported petrol below the official pump price of 145 per litre,” the document said.

“Therefore, the FG is directing the NNPC to reduce ex-coastal and ex-depot prices of PMS to reflect the current market realities.”

Sylva who spoke with journalists after the session, said the new price would take “immediate effect”.

The government directed the NNPC and the PPPRA to work out the details.

The Minister hinted that gasoline and Kerosene would also be reduced, noting that the NNPC would work out new prices as soon as possible. ‎

Crude oil sells for about $25 per barrel, dropping from about $60 in December, 2019.