President Muhammadu Buhari has approved the reduction in pump price of Premium Motor Spirit (PMS) from N145 per liter to N125.
This was announced in a statement on Wednesday in Abuja by State Minister for Petroleum Resouces, Timipre Sylva, saying the reduction in the price of PMS is a direct effect of the crash in global crude oil prices.
“The drop in crude oil prices has lowered the expected open market price of imported petrol below the official pump price of N145 per litre. Therefore, Mr. President has approved that Nigerians should benefit from the reduction in the price of PMS.”
Hence, the Petroleum Products Pricing Regulatory Agency (PPPRA) has been further directed to modulate pricing in accordance with prevailing market dynamics and respond appropriately to any further oil market development.