President Muhammadu Buhari has ordered the Nigeria National Petroleum Corporation, NNPC to reduced the price of petrol to N125 per litre.
Buhari made this pronouncement after the Federal Executive Council, FEC, meeting and ordered that, this adjustment takes immediately.
The federal government said this reduction to N125 is to reflect global market realities.
Speaking on behalf of the President, the minister of Petroleum resources (state) Timipre Sylva told journalist that compliance by petroleum marketers is to be enforced by the NNPC and the PPPRA.
Sylva, noted that the price slash will affect all products, adding that their prices are also to be set by the PPPRA and the NNPC.
According to the minister, this quick intervention will economy relief to Nigerians.
Meanwhile, the government will provide a framework for the sustainable supply of PMS to Nigeria.
However, the splash in price is as a result of the outbreak of coronavirus, where the prices of crude oil globally have changed
See the prices of petroleum product at global price:
Brent Crude sold for $35.44 per barrel
Bonny Light sold at $33.63 dollars per barrel.
Daily Tells understands that these prices are far below the $57 per barrel benchmark for the Nigeria’s 2020 budget.
As at the time of filing this report, most stations were still selling at the old price of N143.
Meanwhile, Buhari has directed NNPC to enforced that all petrol stations to sell fuel at N125 per litre.