The Federal Government of Nigeria has approved a reduction in the price of petrol from N145 to N125.
According to Nigeria National Petroleum Commission, the move is in line with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing.
NNPC Ex-Coastal price for PMS changed from N117.6/litre to N99.44/litre while Ex-Depot price reduced from N133.28/litre to N113.28/litre.
Accordingly, the retail pump price has also reduced from N145/litre to N125/litre. Meanwhile, the new price will take effect on the 19th of March 2020.
This move is coming following the crash in the price of crude oil amid the coronavirus pandemic. Currently, crude oil is maintaining an 18-year low of less than $30 per barrel consequent of the coronavirus outbreak.
