FG considers reducing petrol pump price

Abiodun OBA |

The Minister of State, Petroleum Resources, Mr Timipre Sylva, said the Federal Government is working on possible reduction of the pump price of petrol in the wake of the crash of crude oil prices globally.

He spoke with State House Correspondents in Abuja on Friday after the committee inaugurated by the President, Major General Muhammadu Buhari (retd.), to assess the impact of coronavirus on the economy, met with him (Buhari) at the Presidential Villa.

Sylva said, “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 will get back to you, please, be patient!”.

Recall that, price of Brent crude was $34.50 on Friday, a figure far below the $57 budgeted for the 2020 budget.

Since January, Crude prices have witnessed a steady fall from the $60 it was when Buhari signed the N10.59tn budget into law in December.

However, the pump price of petrol has remained at N145 per litre, in spite of reports by fuel import monitors that landing cost has also dropped lately.

There have been strident calls for cuts in the pump price since the crude prices began a downward swing in January but the government has yet to heed to the calls.

Edited by ‘Biodun Soyele