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Business News of Wednesday, 18 March 2020

Source: www.mynigeria.com

JUST IN: FG reduces fuel price from N145 to N125

Fuel pump Fuel pump

The Federal Government has reduced the price of fuel from N145 per litre to N125 per litre.

MyNigeria.com posted earlier that the Minister of State for Petroleum Resources, Timipre Sylva, presented the new price at the meeting of the Federal Executive Council was presided over by President Muhammadu Buhari at the presidential villa, Abuja.

The Nigerian National Petroleum Cooperation - NNPC confirmed the announcement with an official statement on Wednesday.

According to the NNPC, the new price will take effect from Thursday, 19th of March 2020.

The statement signed by the Group Managing Director of the NNPC, Mele K. Kyari, reads:

"In compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing, the Corporation has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly.

"Effective 19th March 2020, NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre.

"These reductions will, therefore, translate to N125/litre retail pump price.

"Despite the obvious cost implication of this immediate adjustment to the Corporation, NNPC is delighted to effect this massive reduction of N20/litre for the benefit of all Nigerians.

"Accordingly, all NNPC Retail stations nationwide have been directed to change the retail pump price to N125/litre."