FG Slashes Petrol Price To N125 Per Litre Over Covid-19
BY VICTOR OSOWOCHI, ABUJA – Amid ongoing turbulence in the global oil market following the World Health Organisation (WHO)-declared coronavirus pandemic, President Muhammadu Buhari has approved an immediate adjustment in the pump price of petrol from the current N145 to N125 per litre
Consequently, the Nigerian National Petroleum Corporation (NNPC) has been directed to ensure the change in price takes immediate effect from Wednesday, March 17, 2020
According to Presidency insiders, the decision followed submissions made by Minister of State For Petroleum Resources, Timipre Sylva at the Federal Executive Council (FEC) meeting on Wednesday.
Forefront reliably gathered the Minister’s presentation fully explained and captured the need to reduce the pump price in line with current drop in global oil prices due to the outbreak and spread of the deafly coronavirus.
Developments around the Covid19 pandemic have resulted in the crude oil price slumping from $60 to as low as $25 in the international market, thereby raising fears of an imminent global economic crisis.
Recalled that President Buhari-led administration on May 11, 2016 announced the hike in fuel pump price from N87 to N145 per lit re, representing an increase of 66.67 per cent
