The Federal Government on Wednesday approved the reduction in pump price of premium motor spirit (PMS) popularly known as petrol from N145 per litre to about N126.
The reduction, it was gathered, followed the presentation of the issue by the Minister of State, Petroleum Resources, Timipre Sylva, to the meeting of Federal Executive Council (FEC) chaired by President Muhammadu Buhari.
The approval followed the fall in crude oil prices from $60, which is now currently oscillating between $29 and $30.
The federal government would from now allow the international price of crude oil to determine the prices of the product in the country.
Last Friday, the Minister of State, Petroleum Resources, said the committee established to assess the impact of COVID-19 on the economy was still consulting and following the development when asked whether the government was considering the option of reducing the price of Premium Motor Spirit (PMS) because of the drop in the crude oil price.
Sylva said: “Of course, usually, the product prices follow the crude oil price. But we are still consulting.
We’ll get back to you, please, be patient.”