In the midst of the coronavirus epidemic the country is facing, on Tuesday Nigerians had something to cheer about as the Presidency announced that the price of petrol has been reduced from ₦145 to ₦125.
The approval followed a presentation by the Minister of State on Petroleum Resources, Timipre Sylva, at the Federal Executive Council (FEC) meeting at the Villa.
Confirming the development, Special Assistant to the President on New Media , Tolu Ogunlesi took to Twitter on Wednesday to announce that the price reduction takes effect immediately.
Min of State @FMPRng:— tolu ogunlesi (@toluogunlesi) March 18, 2020
PMB has graciously approved that pump price of petrol should drop. Will be N125 per liter henceforth, at this time.
NEW Price modulation mechanism will allow petrol price to drop or rise in line with the changes in crude oil prices. Effective immediately.
The Federal Government also took to their Twitter account to confirm the announcement, saying the price was adjusted in line with the market price of crude oil.
ANNOUNCEMENT: The official Price of Petrol in Nigeria is now N125 per Litre. A Price Modulation Mechanism is being introduced, to be managed by the Petroleum Products Pricing Regulatory Agency (PPPRA), to henceforth adjust the price in line with the market price of crude oil.— Government of Nigeria (@NigeriaGov) March 18, 2020