The Nigerian National Petroleum Corporation (NNPC) says the new N125 pump price of the Premium Motor Spirit (PMS) also known as petrol will take effect from March 19.
NNPC disclosed this on its official Twittet handle in Abuja, on Wednesday.
“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.
“Effective March 19, 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.
“These reductions will therefore translate to N125/litre retail pump price, it said.
The Federal Government had, earlier on Wednesday, directed the NNPC to reduce the pump prices 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 to cushion the hardships being experienced by Nigerians.
The reduction is with immediate effect.