The Federal Government has ordered the reduction of petroleum pump price to
125 Naira with immediate effect.
Mr Timipre Sylva, the Minister of State for Petroleum Resources told newsmen that compliance by petroleum marketers is to be enforced by the NNPC and the PPPRA.
According to him, the price slash will affect all products, adding that their prices are also to be set by the PPPRA and the NNPC.
He further revealed that the ministry is also adopting a price modulation mechanism so the price of petroleum products can be regulated as the market dictates.
Mr Sylva had last week said the government was in consultation with relevant stakeholders on the possibility of reducing the price following the crash in crude oil prices in the international market.
Following the outbreak of the coronavirus, the prices of crude oil globally have witnessed sharp deeps.
Brent Crude has been sold for $35.44 per barrel while Bonny Light has been sold at $33.63 dollars per barrel, these values are way below the $57 per barrel benchmark for the 2020 budget.
