The Nigerian government on Wednesday announced the reduction of the pump price of petrol to N125.
A statement by Nigerian National Petroleum Corporation, NNPC, said the move was in compliance with the directives of the Honourable Minister of State for Petroleum Resources on petrol pricing.
The corporation said it has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly.
“Effective 19th March 2020, NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre,” Mele Kyari, NNPC Group Managing Director said.
“These reductions will therefore translate to N125/litre retail pump price.
“Despite the obvious cost implication of this immediate adjustment to the Corporation, NNPC is delighted to effect this massive reduction of N20/litre for the benefit of all Nigerians.
“Accordingly, all NNPC Retail stations nationwide have been directed to change the retail pump price to N125/litre.”
Earlier on Wednesday, President Muhammadu Buhari ordered a reduction in the pump price of petrol from its current official price of N145 per litre.
The Minister of State for Petroleum, Timipre Sylva, had announced this in a statement.
Mr Sylva said the president’s directive is because of the drop in the international oil price.
PREMIUM TIMES has reported the drop in international oil price from over $50 a barrel over a month ago to about $30 a barrel.
On Wednesday, the price slumped further to $28 per barrel, raising fears of global economic crisis as nations roll out measures to contain the spread of coronavirus.