The Federal Government has instructed the Nigerian National Petroleum Corporation (NNPC) to review the price of premium motor spirit otherwise known as petrol.
The expected reduction followed a presentation the Minister of State, Petroleum, Timipre Sylva, made to the Federal Executive Council on Wednesday.
Aided by the spread of coronavirus, global crude oil price has fallen to $26, the least since 2003.
A document read before the FEC read: “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.”
Although no price was fixed in the document, it is believed the NNPC will put it between N126 to N130.
