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FG Moves to reduce petrol pump price

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Federal government is currently consulting to reduce petrol pump price.

This was made known by Minister of State for Petroleum, Timipre Sylva.

He said consultations are ongoing to decide if the pump price of petrol will be reduced.

This, he said, is related to the drop in crude oil prices.

As at 9pm on Friday, Brent crude which is the global benchmark was trading at $34.88 per barrel.

This has, in turn, resulted in a drop in the landing cost of petrol.

As of Tuesday, March 10, the landing cost of petrol was N95.16 per litre according to the Petroleum Products Pricing Regulatory Agency (PPPRA).

Subsequently, the expected open market price of petrol was N114.53 per litre.

Sylva said, “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.”

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