Petrol Price is now #125 per litre. This was announced by Minister of State for Petroleum, Timipre Sylva.
Sylva made the announcement after Wednesday’s Federal Executive Council (FEC)
Our correspondent gathered from Presidency sources on Wednesday that the approval followed presentation by minister of state petroleum resources Mr Timipre Sylva to the Federal Executive Council (FEC), on Wednesday.
The Presentation reportedly harped on the need to reduce the pump price following the global fall in oil price.
As a result of the spread of Coronavirus, international crude oil price slumped from $60 to $30, causing fear of a possible economic crisis.
Nigeria Info also gathered that going forward, the government would allow the international price of crude to determine the prices of the product in Nigeria.