THE federal government has approved a new pump price for petrol (fuel) in the country.
The product will be selling for N130 per liter instead of the current price of N145 per liter.
President Muhammadu Buhari, it was learnt, gave the approval after a presentation by the minister of state for petroleum, Timpire Sylva during the Federal Executive Council on Wednesday.
The minister convinced o the FEC members on the need to reduce the pump price, following the global fall in oil price. This measure by the Buhari Government is coming barely 24 hours after the Presidential Candidate of the opposition People’s Democratic Party, Mr. Atiku Abubakar had made the policy suggestion to the Buhari administration.
Our correspondent learnt that the new measure taken by the Federal Government was meant as a foundation for freeing the government from corruption-ridden subsidy regime.
That means that the federal government would allow the international price of crude oil to determine the prices of petroleum products in Nigeria.
As the spread of COVID-19 continues, the international crude oil price has slumped from $60 per barrel to $30 per barrel, causing fear of a possible economic crisis in many oil-producing countries, including Nigeria.
At the time of filing this report, Sylva is meeting with members of the organized Labour in the oil and gas sector before proceeding to make the formal announcement for the price adjustment.
