Federal Government via the Minister of State for Petroleum, Timipre Sylva, has announced the official Petrol price in Nigeria to be N125 per liter, with immediate effect and all petrol stations nationwide to sell at the official N125/Ltr.
The Minister further stated that the price will henceforth be “modulated” in line with rise or fall in oil prices, according to a statement during a press briefing in Abuja, Timipre Sylva said, “we have now introduced a modulation mechanism, if crude oil prices go down we will see a reduction in petrol prices, if prices go up we will see an increase. We want to see the benefits of this reduction in the marketplace and economy.
In another statement by Nigerian National Petroleum Corporation, NNPC, said the move was in compliance with the directives of the Honourable Minister of State for Petroleum Resources on petrol pricing.
The corporation said it 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,” Mele Kyari, NNPC Group Managing Director said.
“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.”
Earlier on Wednesday, President Muhammadu Buhari ordered a reduction in the pump price of petrol from its current official price of N145 per litre. The Minister of State for Petroleum, Timipre Sylva, had confirmed this statement in a press released signed by the Hon. Minister.
According to the press release made available to Lagosspy NG, Mr Sylva said the president’s directive is because of the drop in the international oil price due to the #COVID-19 and international crude oil price dived from $60 to $30.
