FG Pegs New Petrol Price At N125 Per Litre


The Federal Government has approved N125 as the new pump price for Premium Motor Spirit (PMS) with immediate effect.

Briefing State House correspondents, on Wednesday, Minister of State Petroleum Resources Mr. Timipre Sylva said the decision to reduce the pump price was as a result of the falling global oil price.

He noted that President Buhari was also concerned about the welfare of Nigerians and noted that the gesture was to help alleviate the the suffering of Nigerians

Sylva added that the Nigeria National Petroleum Corporation (NNPC) and Department of Petroleum would meet you work out the modalities for the implementation of the new price regime.

Group Managing Director, NNPC Mele Kyari in a statement said following the new price the Corporation will review the price accordingly.

According “In compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing, the Corporation has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly”.

He said “Effective 19th March 2020, NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre”.

Kyari said the “reductions will therefore translate to N125/litre retail pump price”.

He added that “Despite the obvious cost implication of this immediate adjustment to the Corporation, NNPC is delighted to effect this massive reduction of N20/litre for the benefit of all Nigerians”.

”Accordingly, all NNPC Retail stations nationwide have been directed to change the retail pump price to N125/litre,” he further stated.