The Nigeria National Petroleum Corporation (NNPC) just confirmed the reduction in the price of petroleum to N125 per liter across the federation in view of the drop in the global price of crude oil, OYOGist.com reports.
The Minister for Petroleum, Timipre Sylva made the announcement today, and it was confirmed by NNPC through a statement released to clarify the new price template for the petroleum product in the country.
It’s official, the new price for petrol in Nigeria is now N125 per liter.
“The official Price of Petrol in Nigeria is now N125 per Litre,” an official announcement from the NNPC reads.
“A Price Modulation Mechanism is being introduced, to be managed by the Petroleum Products Pricing Regulatory Agency (PPPRA), to henceforth adjust the price in line with the market price of crude oil.”
“The Minister of Petroleum Resources HE Timipre Sylva made the announcement today at the Federal Executive Council (FEC) Meeting Press Briefing.
“More details to come from the Petroleum Products Pricing Regulatory Agency (PPPRA).