FG cuts petrol price to N126 per litre

There were also suggestions that the pump price will be oscillating between N126 and N130 to reflect the movement of international market prices.

Presidency sources told our correspondent gathered that the approval followed presentation by minister of state petroleum resources Mr Timipre Sylva to the Federal Executive Council (FEC), on Wednesday, on the need to reduce the pump price following the global fall in oil price.

Crude oil prices have crashed from $60 to $30 as a result of the frightening spread of the deadly COVID -19, causing rising fears of a possible global economic crisis.

It was gathered that going forward, the government would allow the international price of crude to determine the prices of the product in Nigeria.

Sylva is presently meeting with members of the organized Labour in the oil and gas sector before proceeding to make the formal announcement for the  price adjustment, our correspondent learnt.

Recall that Sylva had last weekend hinted of a possible reduction in petrol pump price following the tumbling prices of crude at the International market.

“This is a developing issue. We are still consulting, we are still following it closely. 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,” he had told State House Correspondent.