BREAKING: FG slashes petrol price to N125 per litre from N145

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The Federal Government may have slashed the price of Premium Motor Spirit (PMS) popularly called Petrol to N130 per litre from the previous N145.

It would be recalled that Timipre Sylva, Minister of State for Petroleum resources last week revealed that the government was consulting oil stakeholders on the possibility of reducing PMS price due to the crash of oil in the international market according to The Tribune.

Newsmen gathered that the decision was taken after Sylva made a presentation at the ongoing Federal Executive Council (FEC) at the Presidential villa in Abuja on Wednesday, March 18.

The Herald earlier reported that former Vice President Atiku Abubakar called for a reduction of the price in a statement

“As the landing cost of Premium Motor Spirit, also known as petrol, has reduced significantly, it is strongly recommended that the government should not absorb the savings, but should pass it on to the Nigerian people by way of reducing the pump price of PMS to reflect the current prevailing market costs.”

Nigeria imports most of it’s refined oil and the official price of Petrol across Nigeria is N145 per litre

The effects of the Coronavirus has however affected the price of oil on the international market with prices crashing to below $30 from a two month high of $60 per barrel.

Meanwhile, economy experts have predicted a recession for the country due to the fall in oil price and Nigeria’s over-dependence on its sales to sustain her economy.

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