The President Muhammadu Buhari-led Federal Government has approved a new pump price for premium motor spirit, otherwise known as petrol.
The reduction is from the initial price of N145 to N130 per litre.
The Nation reports that the approval was as a result of the presentation by the Minister of State for Petroleum Resources, Timipre Sylva, to the Federal Executive Council, FEC, on Wednesday on the need to reduce the pump price.
The call to reduce the pump price of fuel became necessary following the fall in global oil prices.
The Federal Government also promised to allow the international price of crude oil to determine the prices of petroleum products in the country.
The outbreak of Coronavirus disease, also known as COVID-19 has also crashed international crude oil price from $60 per barrel to $30 per barrel.
The Minister currently in a meeting with members of the organized Labour in the oil and gas sector.