The Federal Government Wednesday afternoonbegan move to slash the pump price from N145 to N130 first and later down to N125 to reflect the current global oil price relaities.
The move was in consideration of the fact that Nigerian pump price had been dependent on landing cost of product which had dropped considerably due to record low in oil price from over $60 in fourth quarter of 2019 to about $28 as at Wednesday morning.
The approval followed the presentation by the Minister of State for Petroleum Resources, Chief Timipre Sylva at the Federal Executive Council on the need to reduce the pump price, following the global fall in oil price.
Already, the NNPC has provided the official framwork and operational differentials that culminated to the change in national pump price.
