LOCAL NEWS

FG Slashes The Pump Price For Petrol To N125 Per Litre

Lawmakers, Labour Demand Reversal Of New Pump Price
Lawmakers, Labour Demand Reversal Of New Pump Price

The Federal Government of Nigeria on Wednesday 18th March 2020, announced the  reduction in the pump price of Petrol to N125 per litre.

This new pump price comes after the international crude oil price witnessed it’s heaviest fall in 18years, selling for $26 per barrel.

In a statement released by Mele K. Kyari who is the Group Managing Director of NNPC, said effective from 19th March 2020, NNPC Ex-Coastal price for PMS will be reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre.

The NNPC Boss said these reductions will therefore translate to N125/litre retail pump price.

“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 added.

The international crude oil prices took a huge plunge on Wednesday 18th March 2020, following the price war between Saudi Arabia and Russia, and most importantly the slow in demand due to the spread of the novel Coronavirus that has crumbled virtually all economic activities around the world.

If the oil price takes another fall, there’s no doubt that a country such as Nigerians that rely heavily on crude revenue will likely fall back into recession.

Related posts

3 students Of College of Health Technology kidnapped in Bayelsa

yellowdanfo

Marwa Waterside: Sanwo-Olu Speaks On The Demolition Exercise

yellowdanfo

COVID-19: NCDC Reports 307 New Cases As Total Now 10162

yellowdanfo

Lagos State Assembly sets up panel to probe Ambode

yellowdanfo

Alleged N115m fraud: Court frees suspended DG of SEC, Gwarzo

yellowdanfo

Desmond Elliot presented with his Certificate of Return by INEC

yellowdanfo

Baby Factory: Police parade 3 for buying and selling newborn babies

yellowdanfo

NDDC Probe: South-South Governors Back NASS On Forensic Audit

yellowdanfo

PHOTO: Miss Zoffun Bukola From Awodio-Ora Secondary School In Ajegunle Wins One-Day Governor Of Lagos

yellowdanfo

Kogi: Governor Yahaya Bello declares for 2nd term

yellowdanfo

Leave a Comment