THE federal government has approved a new pump price for petrol (fuel) in the country. President Muhammadu Buhari on Wednesday announced the reduction from N145 per liter to about N130.
Realnews gathered that the approval followed the presentation by Timipre Sylva, minister of state for petroleum resources, to the Federal Executive Council, FEC, on the need to reduce the pump price, following the global fall in oil price. The magazine also gathered that going forward, the federal government would allow the international price of crude oil to determine the prices of petroleum products in Nigeria.
As the spread of COVID-19 continues, the international crude oil price has slumped from $60 per barrel to $30 per barrel, causing fear of a possible economic crisis in many oil-producing countries, including Nigeria.
At the time of filing this report, 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.
– Mar. 18, 2020 @ 16:05 GMT |