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FG Reduces Petrol Pump Price To N130 Per Litre

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The Federal government of Nigeria has reduced the pump price of Premium Motor Spirit also known as petrol to N130 per litre from the current N145.

This was agreed upon on Wednesday following deliberationa during the Federal Executive Council meeting held at the Presidential Villa, Abuja.

In a statement signed by the Minister of State for Petroleum Resources, Timipre Sylva, the federal government instructed Petroleum Products Pricing Regulatory Agency (PPPRA) to modulate pricing in accordance with prevailing market dynamics.

“The drop in crude oil prices has lowered the expected open market price of imported petrol price below the official pump price of N145 per litre,” the statement read.

“Therefore Mr President has approved that Nigerians should benefit from the reduction in the price of PMS which is a direct effect of the crash in global crude oil prices.

“In view of this situation, based on the price modulation template approved in 2015, the federal government is directing the Nigerian National Petroleum Corporation (NNPC), to reduce the ex-coastal and ex-depot prices of PMS to reflect current market realities.

“Also, the PPPRA shall subsequently issue a monthly guide to NNPC and marketers on the appropriate pricing regime.

“The agency is further directed to modulate pricing in accordance with prevailing market dynamics and respond appropriately to any further oil market development.”