President Muhammadu Buhari has approved the reduction in pump price of premium motor spirit (PMS) from N145 per liter to about N130 following the global fall in oil price.

According to reports gathered from Minister of State for Petroleum Resources, Timipre Sylva, he 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.

News filtered from the presidency sources that the approval followed presentation by Minister of State For Petroleum Resources, Timipre Sylva to the Federal Executive Council (FEC), on Wednesday, on the need to reduce the pump price following the global fall in oil price.

The reduction in pump price is sequel to the spread of the novel Coronavirus #Covid19 ravaging the world, hence, international crude oil price dived from $60 to $30, causing fear of a possible economic crisis.

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