The Presidency has confirmed that Premium Motor Spirit (PMS) popularly known as Petrol will henceforth be sold at N125 per litre.
This was the outcome of the Federal Executive Council (FEC) where Minister of Petroleum Resouces, Timipre Sylva informed the council members of the crash in cude oil price on the global market due to Coronavirus pandemic.
President Buhari’s Special Assistant on New Media, Tolu Ogunlesi confirmed the new price in a tweet on March 18, 2020.
He said all petrol stations are to implement the new price with immediate effect.
“PMB has graciously approved that pump price of petrol should drop. Will be N125 per litre henceforth, at this time. NEW Price modulation mechanism will allow petrol price to drop or rise in line with the changes in crude oil prices. Effective immediately”.