Updated: BREAKING: FG Reduces Fuel Price To N125

Petrol

The price of petrol has dropped to N125 from N145 following an approval given by President Muhammadu Buhari.

The decision was taken after a presentation by the Minister of State, Petroleum, Mr Timipre Sylva to the Federal Executive Council on Wednesday.

Nigerian government and the Nigerian National Petroleum Corporation confirmed the new price of N125 per litre on Twitter.

RE: REDUCTION IN PRICE OF PREMIUM MOTOR SPIRIT (PMS)

Reductions, as communicated by @NNPCgroup, will translate to N125/litre retail pump price. https://t.co/skqr4lrjKO

— Ministry of Petroleum Resources, Nigeria (@FMPRng) March 18, 2020

The reduction in price will take place from tomorrow.

It was learnt the reduction in petrol price became relevant following the crash in crude oil price due to the spread of Coronavirus.

Oil sells for about $29 per barrel, dropping from about $60 in December.

Sylva had hinted last week that the government was consulting on whether to cut the pump price of petrol and would come up with a decision soon.

3. These reductions will therefore translate to N125/litre retail pump price.

— NNPC Group (@NNPCgroup) March 18, 2020