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The Federal Government has ordered the Nigerian National Petroleum Corporation (NNPC) to adjust the price of fuel to reflect global market realities, with the price of crude oil at 18-year low globally as a result of the outbreak of Coronavirus disease, otherwise known as COVID-19.
The President ordered that the adjustment takes immediate effect.
Giving the directive on behalf of the President, the Minister of State for Petroleum Resources, Mr. Timipre Sylva told newsmen that compliance by petroleum marketers is to be enforced by the NNPC and the Petroleum Pump Pricing Regulatory Authority (PPPRA).
According to the minister, it is believed that this measure will have a salutary effect on the economy, provide relief to Nigerians and will provide a framework for the sustainable supply of PMS to Nigeria.
He assured that the Ministry of Petroleum Resources will continue to encourage the use of compressed natural gas to complement PMS utilization as a transport fuel.
Mr. Sylva had last week said the government was in consultation with relevant stakeholders on the possibility of reducing the price following the crash in crude oil prices in the international market.
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