Buhari was said to have approved the price reduction after the Minister of State, Petroleum Resources, Mr. Timipre Sylva, briefed him on the current crash in the global price of crude oil.
Confirming the development, Special Assistant to the President on New Media, Tolu Ogunlesi on Wednesday, March 18, 2020, said the price reduction takes effect immediately.
He said, “PMB has graciously approved that the pump price of petrol should drop. Will be N125 per liter henceforth, at this time. NEW Price modulation mechanism will allow the petrol price to drop or rise in line with the changes in crude oil prices. Effective immediately”.
While announcing the development on Twitter, the Federal Government said the price was adjusted in line with the market price of crude oil.