Petrol price has been slashed from N145 to N125 per litre, the Nigerian government has announced.
Minister of state for petroleum resources, Timipre Sylva, who made the announcement on behalf of President Muhammadu Buhari, said the NNPC will be ordered to adjust the pump price of the fuel immediately.
The decision was taken at the Federal Executive Council meeting on Wednesday, against the backdrop of the crash in crude price, now trading below $30 a barrel.
Sylva said compliance to the new price regime by petroleum marketers will be enforced by the NNPC and the PPPRA.
He said the price slash will affect all other products.He also said that henceforth prices will be “modulated” in line with rise or fall in oil prices.
The NNPC Group managing director, Mele Kyari, promptly issued a statement, saying the new price regime will begin 19 March.
“In compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing, the Corporation 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.
“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.”