President Muhammadu Buhari has approved the reduction in the pump price of Premium Motor Spirit (PMS) from N145 to N125 per litre following the crash of crude oil in the international market.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, confirmed this after the meeting of the Federal Executive Council (FEC) presided over by President Buhari on Wednesday at the presidential villa, Abuja.
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.
