Coronavirus outbreak has begin yielding positive result to poor men in Nigeria, as the federal government of Nigeria finally reduced fuel pump price from N145 to N125.
Federal government announced development at the end of the Federal Executive Council meeting held today Wednesday at the Presidential Villa in Abuja via statement.
According to the statement “The drop in crude oil prices has lowered the expected open market price of imported petrol price 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 which is a direct effect of the crash in global crude oil prices.
“In view of this situation, based on the price modulation template approved in 2015, the Federal Government is directing the Nigerian National Petroleum Corporation to reduce the ex-coastal and ex-depot prices of PMS to reflect current market realities.
“Also, the PPPRA shall subsequently issue a monthly guide to NNPC and marketers on the appropriate pricing regime.
“The agency is further directed to modulate pricing in accordance with prevailing market dynamics and respond appropriately to any further oil market development.”
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