By a statement issued by the Honourable Minister of State for Petroleum Resources, Timipre Sylva, he announced reduction in price of Premium Motor Spirit (PMS).
The statement which was tweeted by the Ministry of Petroleum Resources vide its Twitter handle @FMPRng and also retweeted by the Nigeria National Petroleum Corporation vide its Twitter handle @NNPCgroup was tweeted some few minutes ago.
The statement which was contained in a thread of 7 tweets is as follows:
“The drop in crude oil prices has lowered the expected open market price of imported petrol below the official pump price of N145 per litre.
2. Therefore, Mr. President has approved that Nigerians should benefit from the reduction in the price of PMS which is a direct effect of the crash in global crude oil prices.
3. In view of this situation, based on the price modulation template approved in 2015, the Federal Government is directing the Nigerian National Petroleum Corporation (NNPC) to reduce the Ex-Coastal and Ex-Depot prices of PMS to reflect current market realities.
4. Also, the Petroleum Products Pricing Regulatory Agency (PPPRA) shall subsequently issue a monthly guide to NNPC and Marketers on the appropriate pricing regime.
5. The Agency is further directed to modulate pricing in accordance with prevailing market dynamics and respond appropriately to any further oil market development.
6. It is believed that this measure will have a salutary effect on the economy, provide relief to Nigerians and will provide a framework for sustainable supply of PMS to our country.
7. The Ministry of Petroleum Resources will continue to encourage the use of Compressed Natural Gas to complement PMS utilization as transport fuel.
Honorable Minister of State for Petroleum Resources
18th March 2020.”
However, the Statement did not state what particular price PMS was reduced to but speculators have been throwing different prices around.