Following global crash in price of crude oil, the Nigerian government has also approved a reduction in the pump price of price of the Premium Motor Spirit (PMS) also known as petrol from N145 to N130.
Sources at the presidential villa said the President Muhammadu Buhari approved the reduction in the pump price of petrol followed a presentation by the Minister of State on Petroleum Resources, Chief Timipre Sylva, to the ongoing Federal Executive Council (FEC) meeting at the Villa.
According to the source, who would not want to be named, Sylva had made a request to the FEC for the reduction of pump price of the product, based on the drop in the price of crude oil at the global market.
