The Federal Government has directed the Nigerian National Petroleum Corporation (NNPC) to reduce the pump price of petrol to reflect the current crash in the global crude oil price.

President Muhammadu Buhari approved the price reduction, after he was briefed by the Minister of State, Petroleum Resources, Mr. Timipre Sylva, on the matter.

According to Punch, the minister also made a presentation to the Federal Executive Council on Wednesday, March 18th, 2020.

The drop in crude oil prices has the expected open market price of imported petrol below the official pump price of 145 per litre,

the document said.

It added,

Therefore, the FG is directing the NNPC to reduce ex-coastal and ex-depot prices of PMS to reflect the current market realities.

However, the document did not fix any price as the new official pump price of petrol. Flavision learnt that the new price would be determined by the NNPC. But there are speculations that the new official price will be between N126 and N130 per litre.

Justin Nwosu

Justin Nwosu is the founder and publisher of Flavision. His core interest is in writing unbiased news about Nigeria in particular and Africa in general. He’s a strong adherent of investigative journalism, with a bent on exposing corruption, abuse of power and societal ills.