The order was given after President Muhammadu Buhari authorized the value discount following a briefing he acquired from the Minister of State, Petroleum Resources, Mr Timipre Sylva on the matter.
Sylva additionally made a presentation to the Federal Executive Council on Wednesday, The PUNCH reviews.
“The drop in crude oil prices has the expected open market price of imported petrol below the official pump price of 145 per litre”, the doc stated.
It added, “Therefore, the FG is directing the NNPC to reduce ex-coastal and ex-depot prices of PMS to reflect the current market realities.”
The doc didn’t repair any worth as the brand new official worth.
This is to be determined by the NNPC.
However, there are speculations that the brand new worth will vary from N126 to N130.