News emanating from different reputable sources have confirmed that the Federal Government has now reduced petrol price from the initial N145 to N125 due to Oil crash.
President Buhari has approved the new petrol price from N145 to N125.
The decision was taken after a presentation by the Minister of State, Petroleum, Mr Timipre Sylva to the Federal Executive Council on Wednesday.
The Nigerian government and the Nigerian National Petroleum Corporation confirmed the new price of N125 per litre on Twitter.
See Tweet Below:-
The reduction in price will take place from tomorrow.
It was learnt the reduction in petrol price became relevant following the crash in crude oil price due to the spread of Coronavirus.
Oil sells for about $29 per barrel, dropping from about $60 in December.
Sylva had hinted last week that the government was consulting on whether to cut the pump price of petrol and would come up with a decision soon.
I think this is good news for every citizen of Nigeria. There is a kind of relieve now compared to the initial price.
What Do you think about the Reduction?
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