The Federal Government has ordered the NNPC to adjust the price of fuel to reflect global market realities.
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According to a briefing from the Federal Executive Council (FEC), the new pump price of petrol is now 125 naira.
The President ordered that the adjustment takes effect immediately.
Giving the directive on behalf of the President, Mr Timipre Sylva told newsmen that compliance by petroleum marketers is to be enforced by the NNPC and the PPPRA.
“The drop in crude oil prices has lowered the expected open market price of imported petrol price below the official pump price of N145 per litre,” the statement read.
“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.
“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.
“Also, the PPPRA shall subsequently issue a monthly guide to NNPC and marketers on the appropriate pricing regime.
“The agency is further directed to modulate pricing in accordance with prevailing market dynamics and respond appropriately to any further oil market development.”
The federal government said the measure will provide relief to Nigerians and would provide a framework for a sustainable supply of petrol.
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