The price reduction takes effect immediately.
President Muhammadu Buhari has approved the reduction of the pump price of petrol to N125 per litre.
Buhari was said to have approved the price reduction after the Minister of State, Petroleum Resources, Mr Timipre Sylva, briefed him on the the current crash in the global price of crude oil.
Confirming the development, Special Assistant to the President on New Media , Tolu Ogunlesi on Wednesday, March 18, 2020, said the price reduction takes effect immediately.
He said, “PMB has graciously approved that pump price of petrol should drop. Will be N125 per liter henceforth, at this time. NEW Price modulation mechanism will allow petrol price to drop or rise in line with the changes in crude oil prices. Effective immediately”.
While announcing the development on Twitter, the Federal Government said the price was adjusted in line with the market price of crude oil.
ANNOUNCEMENT: The official Price of Petrol in Nigeria is now N125 per Litre. A Price Modulation Mechanism is being introduced, to be managed by the Petroleum Products Pricing Regulatory Agency (PPPRA), to henceforth adjust the price in line with the market price of crude oil.