By President Muhammadu Buhari yesterday reduced the pump price of premium motor spirit (PMS), otherwise known as petrol, from N145 to N125 per litre.
This was announced by the Minister of State for Petroluem, MrTimipre Sylva at the end of the Federal Executive Council meeting. The price reduction is as a result of the falling price of crude in international market. According to Sylva, “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. Therefore, Mr. President has approved that Nigerians should benefit from the reduction in the price of PMS which is a direct effect of the crash in global crude oil prices”.
He goes further to state that “the PPPRA shall subsequently issue a monthly guide to NNPC and marketers on the appropriate pricing regime. The agency is further directed to modulate pricing in accordance with prevailing market dynamics and respond appropriately to any further oil market development”.
