FG cuts petrol price to N125 from N135

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By Fashina Shakiru
Flycomnews.

The Minister of Petroleum Resources Mr Timipre Silvia has directed
Nigerian National Petroleum Corporation (NNPC)  official reduction of  petrol price is now N125 per Litre.

 The minister said after wide consultation the price modulation mechanism is being introduced.

According to him, from with immediate effect from  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.

He said this will be  managed by the Petroleum Products Pricing Regulatory Agency (PPPRA), to henceforth adjust the price in line with the market price of crude oil.

These reductions will therefore translate to N125/litre retail

Silvia  made the announcement today at the Federal Executive Council (FEC) Meeting Press Briefing in Abuja

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