Federal Government Reduces Fuel Price From ₦145 To ₦125 Per Litre – AutoReportNG
Connect with us

News

Federal Government Reduces Fuel Price From ₦145 To ₦125 Per Litre

Published

on

Spread the love

The Federal Government of Nigeria has approved the reduction of the Premium Motor Spirit (PMS) price from ₦145 to ₦125. This reduction was a result of a fall in the price of crude oil that has dropped below $25.

The President ordered that the adjustment takes effect immediately.

Osibanjo at fuel station in Lagos

Giving the directive on behalf of the President, Mr Timipre Sylva told newsmen that compliance by petroleum marketers is to be enforced by the NNPC and the PPPRA.

Mr Sylva, the minister of state for petroleum resources noted that the price slash will affect all products, adding that their prices are also to be set by the PPPRA and the NNPC.

READ ALSO: Nigeria Customs Seizes Car That Hides Gallons Of Fuel In Two Caskets – PHOTOS

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.

According to the minister, it is believed that this measure will have a salutary effect on the economy, provide relief to Nigerians and will provide a framework for the sustainable supply of PMS to Nigeria.

He assured that the Ministry of Petroleum Resources will continue to encourage the use of compressed natural gas to complement PMS utilization as a transport fuel.

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.

Read Also: Vice Pres. Prof Yemi Osibanjo Makes A Surprise Visit To Fuel Stations In Lagos (Photos)

 


Spread the love

AutoReportNG is your one-stop place for quality news on roads, cars, and anything pertaining to mobility. We keep track of all current news in road, rails, and aviation. We are known to true, factual and investigative news.

Trending

FAQ und Support-Chat helfen euch ebenso weiter wie die einfache Menüführung. casino spielen Auch das Feuer speiender berg (umgangssprachlich) Las vegas Bonus Guthaben unterliegt natürlich solchen Konditionen. https://vulkan-vegas.de Der Bonusbetrag ergibt sich” “mit jeder zeit aus deinem Gesamtwert der Einzahlungen kklk Tages geteilt durch Fünf. vom vulkan So sind sowohl Freispiele als auch kleinere Bonusguthaben für pass away nächste Einzahlung möglich. vulkan vegas