Pat Stevens/
The Federal Government has announced the reduction of petrol pump price from N145 to N125/litre.
The Government announced this via its verified Twitter handle, @NigeriaGov, today.
The tweet reads, “ANNOUNCEMENT: The official Price of Petrol in Nigeria is now N125 per Litre. A Price Modulation Mechanism is being introduced, to be managed by the Petroleum Products Pricing Regulatory Agency (PPPRA), to henceforth adjust the price in line with the market price of crude oil.”
Also, a statement signed by the Minister of State for Petroleum Resources, Timipre Sylva, had earlier directed the PPPRA to modulate pricing in accordance with prevailing market dynamics.
The statement reads, “The drop in crude oil prices has lowered the expected open market price of imported petrol price 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.
“In view of this situation, based on the price modulation template approved in 2015, the Federal Government is directing the Nigerian National Petroleum Corporation (NNPC), to reduce the ex-coastal and ex-depot prices of PMS to reflect current market realities.
“Also, 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.”
The Federal Government noted that the measure will provide relief to Nigerians and would provide a framework for a sustainable supply of petrol.
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