The President Muhammadu Buhari led federal government is understood to have reduced the pump price of Premium Motor Spirit (PMS) from N145 per liter to N125.
That is mentioned to be a part of the decisions reached throughout Wednesday’s Federal Executive Council (FEC) meeting in Abuja in accordance with multiple sources.
It will likely be recalled that last week, the Minister of State for Petroleum Sources, Timipre Sylva, had mentioned the government was in session with related stakeholders on the potential of lowering the worth following the crash in crude oil costs within the worldwide market.
Confirming the adjustment within the pump value of petrol, an announcement signed by Mele Ok. Kyari, Group Managing Director, and NNPC on Wednesday mentioned the downward review will now translate to N125/liter retail pump value.
The statement reads: “In compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing, the Corporation has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly.”
“Effective 19th March 2020, NNPC Ex-Coastal value for PMS has been reviewed downwards from N117.6/liter to N99.44/liter whereas Ex-Depot value is decreased from N133.28/liter to N113.28/liter.”
“These reductions will, therefore, translate to N125/liter retail pump value.”
“Regardless of the apparent value implication of this instant adjustment to the Corporation, NNPC is delighted to impact this large discount of N20/liter for the benefit of all Nigerians.”
“Accordingly, all NNPC Retail stations nationwide have been directed to change the retail pump value to N125/liter.”