(By Chris K.Amadi)-The pump price of fuel has been reduced from N145 to N125 per litre in Nigeria following the slump in the price of oil in the international market and fears of global economic crisis.
The directive was given on Wednesday by President Muhammadu Buhari and announced by Minister of State for Petroleum, Timipre Sylva, in a statement.
Complying with the directive of the Minister on petrol pricing, the Nigerian National Petroleum Corporation, NNPC, issued the following statement:
“Effective 19th March 2020, NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre,” Mele Kyari, NNPC Group Managing Director said.
“These reductions will therefore translate to N125/litre retail pump price.
“Despite the obvious cost implication of this immediate adjustment to the Corporation, NNPC is delighted to effect this massive reduction of N20/litre for the benefit of all Nigerians.
“Accordingly, all NNPC Retail stations nationwide have been directed to change the retail pump price to N125/litre.”