FG Consulting On Pump Price Reduction

The Federal Government on Friday declared it has began consultations with relevant stakeholders on likely reduction of the pump price of petrol following global crash of fuel prices.

The Minister of State, Petroleum Resources, Mr Timipre Sylva, disclosed this in Abuja while speaking with State House Correspondents after the committee inaugurated President Muhammadu Buhari to assess the impact of coronavirus on the economy, met with him (Buhari) at the Presidential Villa.

Sylva clarified that no decisions had been taken to cut the pump price but said consultations were on.

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“We are still consulting, we are still following it closely. Of course, usually, the product prices follow the crude oil price but we are still consulting.

We will get back to you, please, be patient,” he stated.

While the FG budgeted $57 for the 2020 budget, Brent crude sold for $34.50 on Friday.

Crude prices have witnessed fall since January from the $60 it was when Buhari signed the N10.59tn budget into law in December.

However, the pump price of petrol has remained at N145 per litre despite reports by fuel import monitors that landing cost has also dropped lately.