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FG Reduces Petrol Price to N125 per litre

The Federal Government on 18th March, 2020 has instructed the Nigerian National Petroleum Corporation (NNPC) to reduce the pump price of petrol from N145 to N125.

The government said that this was done to reflect the current crash in the global price of crude oil.
The President, Major General Muhammadu Buhari (retd.), approved the bill of reduction after the Minister of State, Petroleum Resources, Mr Timipre Sylva, briefed him on the matter.

Mr Sylva also made a presentation to the Federal Executive Council on Wednesday, saying that:

“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 also added:
 “Therefore, the FG is directing the NNPC to reduce ex-coastal and ex-depot prices of PMS to reflect the current market realities.”
Speaking with journalists after the session, he said the new price would take “immediate effect”.
The government directed the NNPC and the PPPRA to work out the details.
He added that the pump prices of diesel and kerosene would also be reduced.
Crude oil sells for about $29 per barrel, dropping from about $60 in December. 

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