The Federal Government has begun consultations with stakeholders on the possibility of a reduction of the pump price of Premium Motor Spirit (PMS) due to the crash in crude oil prices globally.
This was disclosed by the Minister of State for Petroleum Resources, Mr. Timipre Sylva during a press briefing on Friday in Abuja.
“This is a developing issue. We are still consulting, we are still following it closely. Of course, usually, the product prices follow the crude oil price but we are still consulting, we’ll get back to you, please, be patient,” Sylva told reporters.
The prices of crude oil globally have witnessed a crash since the outbreak of the coronavirus disease as Brent Crude sold for $35.44 per barrel and Bonny Light, $33.63 dollars per barrel.
This is below the $57 per barrel benchmark for the 2020 national budget of Nigeria.
The Petroleum Products Pricing Regulatory Agency (PPPRA) gave the landing cost of petrol as N95.16 per litre as at Tuesday, while the expected open market price was N114.53 per litre.
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