President Muhammadu Buhari has permitted the discount of pump value of the Premium Motor Spirit (PMS) known as petrol from N145 to N130.
According to a dependable source within the presidency, the approval could have adopted a presentation by the Minister of State on Petroleum Resources, Chief Timipre Sylva, to the Federal Executive Council (FEC) assembly on the Villa.
The source who spoke on the situation of anonymity mentioned Sylva had made a request to the FEC for the reduction of pump price of the product, citing the drop within the cost of crude oil on the international market.
It was reliably gathered that the outbreak of COVID-19 has made the worldwide crude oil value crash from $60 to $30, inflicting worry of a doable financial disaster.
The source equally hinted that the federal government would enable the worldwide value of crude to find out the costs of the product in Nigeria.
Meanwhile, the Minister of State, Petroleum Resources following unconfirmed info has scheduled to fulfill with members of the organized Labour within the oil and gasoline sector earlier than continuing to make the formal announcement for the worth adjustment
Source : Eko Hot Blog