Update: Petrol pump price now N125/L

The Federal Government (FG) has approved the reduction of the pump price of Premium Motor Spirit (PMS), popularly referred to as petrol, from N145 per litre to N125 per litre with immediate effect.

The order from FG to the Nigerian National Petroleum Corporation (NNPC) for the reduction is coming against the backdrop of the crash in crude oil prices globally.

The President also ordered NNPC to immediately reduce the ex-coastal and ex-depot price of the premium motor spirit to reflect the current market realities.

The President said that it was part of the measure put being put in place by the Federal Government to help provide relief to Nigerians and provide a framework for the sustainable supply of the product

Details later …