The federal government has approved the reduction in pump price of petrol from N145 per litre to about N125.
According to a statement by the Nigerian National Petroleum Corporation (NNPC), this was in compliance with the directives of the Minister of State for Petroleum Resources, Mr. Timipre Slyva, on petrol pricing.
The statement, signed by the NNPC group managing director, Mr. Mele Kyari, noted that the corporation had reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly.
He stated, “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.”
“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.”
The Interview had reported earlier that the Minister of State For Petroleum Resources, Timipre Sylva had made a presentation to the Federal Executive Council (FEC), on Wednesday, on why the government should reduce the petrol price after oil price fell globally due the wide spread of COVID-19.
