Barely one week of a price reduction from N145 to 125, the federal government of Nigeria has announced a further reduction of Premium motor spirit popularly known as petrol to the tune of N123 Per-liter
President mohammadu Buhari had ordered the reduction while the minister of state for petroleum, Mr Timipre Sylva in a statement said the drop in crude oil prices should lower the expected open market price of imported petrol below the official pump price of N145 per litre.
“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,” Sylva said.
But less than 14 days after the first reduction, Saidu said the new price is in line with the government approval for a monthly review of fuel price which will be monitored for compliance.
“PPPRA and other relevant regulatory agencies shall continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector,” Saidu said.
Sylva in March disclosed that Buhari ordered the Nigeria National Petroleum Corporation (NNPC) 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 would provide a framework for a sustainable supply of PMS to our country,” Sylva said.