- President Buhari has approved the reduction in the price of petrol
- The Ministry of Petroleum Resources said the price will be reduced from the current N145 to N125
- The state minister for petroleum, Sylva, attributed the reduction in price to the decline in the prices of crude oil
President Muhammadu Buhari has approved the reduction in the pump price of premium motor spirit from N145 per litre to about N125.
The state minister for petroleum resources, Timipre Sylva, has confirmed the development in a statement released in Abuja.
Legit.ng notes that the state minister had earlier said the Petroleum Products Pricing Regulatory Agency (PPPRA ) would make the new templates known.
Sylva attributed the reduction in price to the decline in the prices of crude oil.
The Ministry of Petroleum has also released an update that the new price of petrol following the slash in the prices of crude oil will be N125.
In another version of the report, Channels TV also states that the Federal Executive Council (FEC) has announced that the new pump price of petrol is now 125 naira.
The newspaper adds that President Buhari ordered that the adjustment takes effect immediately.
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Earlier, Legit.ng reported that the federal government had said it was working to provide alternative petrol for Nigerians that will cost between N95 to N97 per litre.
Sylva told reporters in Abuja on Thursday, January 16, that the alternative petrol will be provided using the compressed natural gas (CNG).
The minister made the disclosure when asked whether the government was going to reduce the pump prices of petrol to make it more affordable.
He said the CNG fuel has undergone a pilot project in Benin City where over 10,000 vehicles are already running on it.
Sylva noted that with CNG the cost of fuel will reduce to about N95 per litre.
In another report, the Nigerian Senate has asked President Buhari to address the country on the measures taken to stop the spread of coronavirus in the country.
The lawmakers made the request on Wednesday, March 18, after deliberating after debating a matter of urgent public importance at Wednesday’s plenary session.
The request by the Senate came shortly after news emerged that five new cases of coronavirus (Covid-19) had been confirmed in Nigeria by the minister of health, Osagie Ehanire.
The confirmation of the news cases brings the number of the victims to eight as the deadly virus continues to spread beyond borders.
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