The federal government may have directed the reduction in the pump price of Premium Motor Spirit (PMS) from N145 per liter to about N125.
Minister of State for Petroleum Resources, Timipre Sylva, had last week said the government was in consultation with relevant stakeholders on the possibility of reducing the price following the crash in crude oil prices in the international market.
The sources claimed that the Minister briefed the council on the need to reduce the pump price following the global fall in oil price.
It was gathered that outbreak of Coronavirus has made the international crude oil price to crash from $60 to $30, causing fear of a possible economic crisis.
The sources further disclosed that the government would allow the international price of crude to determine the prices of the product in Nigeria.
Special Assistant to President Muhammadu Buhari on New Media, Tolu Ogunlesi in a series of tweet stressed that;
Price of petrol in Nigeria is now N125 per liter, with immediate effect. Price will henceforth be “modulated” in line with rise or fall in oil prices, says Minister of State.
This suggests that though the official fuel price is N125, the price may vary in line with the rise and fall in oil prices.
He also tweeted that;
Minister @FMPRng, Timipre Sylva: We have now introduced a modulation mechanism, if crude oil prices go down we will see a reduction in petrol prices, if prices go up we will see an increase. We want to see the benefits of this reduction in the marketplace and economy. #FECBrief
— tolu ogunlesi (@toluogunlesi) March 18, 2020
.@NigeriaGov officially announced N125. But you can pay whatever you want bro. It’s between you and the filling station. https://t.co/9AK1RGR31M
— tolu ogunlesi (@toluogunlesi) March 18, 2020
Meanwhile, the Minister of State, Petroleum Resources according to unconfirmed information has scheduled to meet with members of the organized Labour in the oil and gas sector before proceeding to make the formal announcement for the price adjustment.
