The Federal Government has approved the reduction of the pump price of Premium Motor Spirit (PMS).

While there are reports that the PMS price was reduced from N145 per litre to about N130, the statement from the ministry of petroleum resources did not state categorically what the new price of petrol will be.

In his communique on Wednesday, Mr Timipre Sylva, the minister of state for petroleum resources stated that the drop in crude oil prices has lowered the expected open market price of imported petrol below the official pump price of N145 per litre.

Heb further revealed that in line with the current market realities, President Buhari has directed that Nigerians should benefit from the reduction in the price of the PMS.

The minister’s statement read:

REDUCTION IN PRICE OF PETROLEUM MOTOR SPIRIT (PMS)

The drop in crude oil prices has lowered the expected open price of imported petrol below the official pump price of N145 per litre.

Therefore, Mr President has approved that Nigerians should benefit from the reduction in the price of PMS which is a direct effect of the crash in global crude oil prices.

In view of this situation, based on the price modulation template approved in 2015, the Federal Government is directing the Nigerian National Petroleum Corporation (NNPC) to reduce the ex-coastal and ex-depot prices of PMS to reflect current market realities.

Also, the PPPRA shall subsequently issue a monthly guide to NNPC and marketers on the appropriate pricing regime.

The agency is further directed to modulate pricing in accordance with prevailing market dynamics and respond appropriately to any further oil market development.

It is believed that this measure will have a salutary effect on the economy, provide relief to Nigerians and will provide a framework for sustainable supply of PMS to our country.

The Ministry of Petroleum Resources will continue to encourage the use of compressed natural gas to complement PMS utilization as a transport fuel.

Mr Sylva had last week said the government was in consultation with relevant stakeholders on the possibility of reducing the price following the crash in crude oil prices in the international market.

Following the outbreak of the coronavirus, the prices of crude oil globally have witnessed sharp deeps.

Brent Crude has been sold for $35.44 per barrel while Bonny Light has been sold at $33.63 dollars per barrel, these values are way below the $57 per barrel benchmark for the 2020 budget.

Good. They should not rob Peter to pay Paul this time...

that's good one cold beer for bubu

This is a massive 13% price reduction.
In a working country totally dependent on fuel to drive it's economy,price of almost every other good and some services should naturally follow suit.
Transport cost,goods,services,even data and call cost should naturally see a reduction in price.

Something that other countries economically do regularly.

Oil from 70-75 dollars to 30 dollars is a big minus to any economy


Anyway, the hit is on every economy right now.

Nigeria included all strict measure must be taken. The effect of the virus is huge from where am standing right now.

Recession: Nigeria must brace up.

Ok

I didn't see reduce to 125/l
Abi am I reading another article?

ok

BAAKUS1447:
The Federal Government has approved the reduction of the pump price of Premium Motor Spirit (PMS).

While there are reports that the PMS price was reduced from N145 per litre to about N130, the statement from the ministry of petroleum resources did not state categorically what the new price of petrol will be.

In his communique on Wednesday, Mr Timipre Sylva, the minister of state for petroleum resources stated that the drop in crude oil prices has lowered the expected open market price of imported petrol below the official pump price of N145 per litre.

Heb further revealed that in line with the current market realities, President Buhari has directed that Nigerians should benefit from the reduction in the price of the PMS.

The minister’s statement read:

REDUCTION IN PRICE OF PETROLEUM MOTOR SPIRIT (PMS)

The drop in crude oil prices has lowered the expected open price of imported petrol below the official pump price of N145 per litre.

Therefore, Mr President has approved that Nigerians should benefit from the reduction in the price of PMS which is a direct effect of the crash in global crude oil prices.

In view of this situation, based on the price modulation template approved in 2015, the Federal Government is directing the Nigerian National Petroleum Corporation (NNPC) to reduce the ex-coastal and ex-depot prices of PMS to reflect current market realities.

Also, the PPPRA shall subsequently issue a monthly guide to NNPC and marketers on the appropriate pricing regime.

The agency is further directed to modulate pricing in accordance with prevailing market dynamics and respond appropriately to any further oil market development.

It is believed that this measure will have a salutary effect on the economy, provide relief to Nigerians and will provide a framework for sustainable supply of PMS to our country.

The Ministry of Petroleum Resources will continue to encourage the use of compressed natural gas to complement PMS utilization as a transport fuel.

Mr Sylva had last week said the government was in consultation with relevant stakeholders on the possibility of reducing the price following the crash in crude oil prices in the international market.

Following the outbreak of the coronavirus, the prices of crude oil globally have witnessed sharp deeps.

Brent Crude has been sold for $35.44 per barrel while Bonny Light has been sold at $33.63 dollars per barrel, these values are way below the $57 per barrel benchmark for the 2020 budget.

Another pointless political blunder.

Them never see anything yet

God bless Atiku




Turaki has taught them economics 101 and pol 202.
Thank you for teaching president Abba kyari his job

Get a driving skill,come and learn how to drive better than you were shown
Call or WhatsApp us with numbers below

I am not sure of how to react to this news.

If no specific amount was stated, how did op arrive at N125?

The fastest way to touch the Nigerian Economy is through price of petrol , govt ineptitude makes NIGERIANS spend a sizeable chunk of their earnings on fueling generators

His Excellency, the Executive Problem of the Federal Republic of Nigeria.....!

There's a mixed feeling towards this development for me , it's good for the masses but the country will be making less money due to oil crash.

This is where we are for running the economy of the country on crude oil alone. Politicians will have less money to loot now though.

Should be 80 naira

D

Like play...like play this CORONA go affect everyone in one way or another.

Was expecting something lower

Fools

Fools, rubbing peter to pay Paul. We will soon know what they will collect in return

vikithor:
Get a driving skill,come and learn how to drive better than you were shown
Call or WhatsApp us with numbers below

where is the number I have a client for you b4 she spoil my car