According to a briefing from the Federal Executive Council (FEC),the Federal Government has ordered the NNPC to adjust the price of Premium Motor Spirit (PMS) popularly known as petrol to reflect global market realities.
The new pump price for petrol will now be 125 naira.
The President ordered that the adjustment takes effect immediately.
Mr Timipre Sylva, giving the directive on behalf of the President, told newsmen that compliance by petroleum marketers is to be enforced by the NNPC and the PPPRA. The minister of state for petroleum resources while speaking to newsmen noted that the price slash will affect all products, adding that their prices are also to be set by the PPPRA and the NNPC.
He further revealed that the ministry is also adopting a price modulation mechanism so the price of petroleum products can be regulated as the market dictates.
The minister said it is believed that this measure will have a salutary effect on the economy, provide relief to Nigerians and will provide a framework for the sustainable supply of PMS to Nigeria.
He assured that the Ministry of Petroleum Resources will continue to encourage the use of compressed natural gas to complement PMS utilization as a transport fuel.
By Akin Egbuwalo