The Federal Government of Nigeria has reduced the price of Premium Motor Spirit (PMS) popularly known as petrol to N130 per litre.
President Muhammadu Buhari approved the reduction from N145 to N130 on Wednesday.
The minister of State for Petroleum Resources, Timipre Sylva, had said the government was consulting with relevant stakeholders on the possibility of reducing the price.
This consideration came after the crash in crude oil prices in the international market.
POLITICS NIGERIA understands that the landing cost has now hit N65. Data from the Petroleum Products Pricing Regulatory Agency also indicates that landing cost of petrol was N64.32 per litre.
On Thursday, global oil prices fell further, trading 18-year lows, as coronavirus and OPEC+ war price continues.
Brent crude oil shed 2% to trade at $27 per barrel while US WTI dropped to $22 per barrel.
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