President Muhammadu Buhari may have approved the price reduction for the Premium Motor Spirit (PMS) pump, also known as petrol, from the N145 to the N130.
A credible presidential source, who disclosed this at the Presidential Villa on Wednesday, said the approval might have followed a presentation by the Minister of State for Petroleum Resources, Chief Timipre Sylva, to the ongoing meeting of the Federal Executive Council the Villa.
According to the source, who would not like to be identified, Sylva had asked the FEC to reduce the price of the product pump, citing the drop in oil prices in the global market.
Earlier today, we updated you about the fall in oil price globally for the third time on Wednesday, with U.S. oil futures falling to an 18-year low, with travel and social blockages caused by the coronavirus epidemic bringing down demand prospects.
US crude oil fell $ 2.51 cents, or more than 9%, to $ 24.44 a barrel at 1219 GMT, having previously fallen to $ 24.42, the lowest since mid-2002.
The last time oil was traded so low, China just started to rise as a major global economic power that boosted world oil consumption recording the highest in subsequent years.
Brent crude was trading at $ 1.39, or nearly 5%, at $ 27.34 a barrel, after dropping to $ 27.31, the lowest since early 2016.
We will provide you the full details once officially published.