President Muhammadu Buhari has approved the reduction in pump price of premium motor spirit (PMS) from N145 per liter to about N125.
Presidency sources revealed that the approval followed presentation by Minister of State For Petroleum Resources, Timipre Sylva to the Federal Executive Council (FEC), on Wednesday, on the need to reduce the pump price following the global fall in oil price.
At the behest of the spread of Covid19, international crude oil price slumped from $60 to $30, causing fear of a possible economic crisis.
