Collapse of oil price: Buhari heeds Atiku’s counsel, crashes price of petrol to N125 per litre
The Nigerian National Petroleum Corporation (NNPC) says that the new N125 pump price of the Premium Motor Spirit (PMS) also known as petrol will take effect from Wednesday, March 19.
NNPC disclosed this on its official tweeter handle in Abuja, on Wednesday.
“In compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing, the Corporation has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly.
“Effective March 19, 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.
“These reductions will therefore translate to N125/litre retail pump price, it said.
The price slash is sequel to the Federal Government’s directive to NNPC to reduce the pump prices of PMS to reflect the current market realities.
The Minister of State for Petroleum Resources, Mr Timipre Sylva, had confirmed the directive when he addressed State House Correspondents on the outcome of the meeting of the Federal Executive Council (FEC) on Wednesday.
The Council meeting was presided over by President Muhammadu Buhari at the Council Chamber of the Presidential Villa, Abuja.
Sylva disclosed that the reduction in prices would also affect other petroleum products like Kerosine and diesel.
He said the reduction was in line with the Buhari administration’s desire to cushion the hardships being experienced by Nigerians.
The reduction is with immediate effect.
Former Vice President Atiku Abubakar, had Tuesday suggested, among other policies to cushon the effects of the coronavirus pandemic and subsequent fall in oil prices., the reduction of pump prices of PMS
Atiku Abubakar, who is also the Presidential Candidate of the Peoples Democratic Party (PDP) in the 2019 general election, had said as the landing cost of petrol “ has reduced significantly, it is strongly recommended that the government should not absorb the savings.
“It should pass it on to the Nigerian people by way of reducing the pump price of petrol to reflect the current prevailing market costs,” he had said.
