The Federal Government of Nigeria has directed that pump price of PMS oil be reduced from N145/Litre to N125/Litre with immediate effect to reflect the current crash in the global price of crude oil.
Minister of State for Petroleum Resources, Mr. Timipre Sylva announced this after briefing both President Ibrahim Buhari and the Federal Executive Council in Abuja.
Mr. Sylva said the President has graciously approved an immediate drop in pump price adding that prices will henceforth be “modulated” in line with rise or fall in oil prices.
The FG “has directed the NNPC to reduce ex-coastal and ex-depot prices of PMS to reflect the current market realities”, he said.
Group Managing Director of the NNPC, Mele K. Kyari said he has ordered all retail outlets of the NNPC to commence sales on current price of N125/Litre from Thursday, 19thMarch.
Mr. Kyari said NNPC has reviewed downwards with effect from Wednesday 18th March ex-coastal price for PMS from N117.6/Litre to N99.44/Litre while ex-Depot price is reduced from N133.28/Litre to N113.28/Litre.
- By Eniola Olatunji.