The Federal Government has approved the reduction of the pump price of Premium Motor Spirit (PMS).
While there are reports that the PMS price was reduced from N145 per litre to about N130, the statement from the ministry of petroleum resources did not state categorically what the new price of petrol will be.
In his communique on Wednesday, Mr Timipre Sylva, the minister of state for petroleum resources stated that the drop in crude oil prices has lowered the expected open market price of imported petrol below the official pump price of N145 per litre.
Heb further revealed that in line with the current market realities, President Buhari has directed that Nigerians should benefit from the reduction in the price of the PMS.
Mr Sylva had last week said the government was in consultation with relevant stakeholders on the possibility of reducing the price following the crash in crude oil prices in the international market.
Following the outbreak of the coronavirus, the prices of crude oil globally have witnessed sharp deeps.
Brent Crude has been sold for $35.44 per barrel while Bonny Light has been sold at $33.63 dollars per barrel, these values are way below the $57 per barrel benchmark for the 2020 budget.
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