President Muhammadu Buhari has approved the reduction in the pump price of premium motor spirit (PMS) from N145 per liter to about N130.
According to multiple reports, the approval followed the presentation by Minister of State For Petroleum Resources, Timipre Sylva to the Federal Executive Council (FEC), on Wednesday, on the need to reduce the pump price following the global fall in oil price.
At the behest of the spread of Covid19, international crude oil price slumped from $60 to $30, causing fear of a possible economic crisis.
It was gathered that going forward, the government would allow the international price of crude to determine the prices of the product in Nigeria.
Right now, Sylva is meeting with members of the organized Labour in the oil and gas sector before proceeding to make the formal announcement for the price adjustment.