The Federal Government has directed the Nigerian National Petroleum Corporation (NNPC) to reduce the pump prices of Premium Motor Spirit (PMS) from N145 to N125 per litre to reflect the current market realities.
The Minister of State for Petroleum Resources, Mr Timipre Sylva, confirmed this development when he addressed State House correspondents on the outcome of the meeting of the Federal Executive Council (FEC).
The Council meeting was presided over by President Buhari at the Council Chamber of the Presidential Villa, Abuja.
Sylva disclosed that the reduction in prices would also affect other petroleum products like Kerosine and diesel.
He said the reduction was in line with the Buhari administration’s determination to cushion the hardships being experienced by Nigerians.
The reduction is with immediate effect.