President Muhammadu Buhari has approved the reduction of pump price of the Premium Motor Spirit (PMS) also known as petrol from N145 to N125.
According to a reliable source in the presidency, the approval may have followed a presentation by the Minister of State on Petroleum Resources, Chief Timipre Sylva, to the ongoing Federal Executive Council (FEC) meeting at the Villa.
The source who spoke on the condition of anonymity said Sylva had made a request to the FEC for the reduction of pump price of the product, citing the drop in the price of crude oil at the global market.
It was reliably gathered that outbreak of COVID-19, has made the international crude oil price to crash from $60 to $30, causing fear of a possible economic crisis.
The source equally hinted that the government would allow the international price of crude to determine the prices of the product in Nigeria.
Meanwhile, the Minister of State, Petroleum Resources according to unconfirmed information has scheduled to meet with members of the organized Labour in the oil and gas sector before proceeding to make the formal announcement for the price adjustment.
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