The Federal government of Nigeria has officially ordered the NNPC to adjust the price of fuel to reflect global market realities.The vital information was disclosed at a briefing from the Federal Executive Council (FEC), which placed the new pump price of petrol now at 125 naira.The President ordered that the adjustment take 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 PPPRAMr Sylva, the minister of state for petroleum resources 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.
Following the outbreak of the coronavirus, the prices of crude oil globally have witnessed sharp deeps.
Brent crude oil has been sold for $35.44 per barrel while bonny light has been sold at $33.63 per barrel.