On Wednesday the 18th of March 2020, the federal government of the republic of Nigeria has ordered the Nigerian National Petroleum Corporation (NNPC) to reduce the price of fuel to reflect global market realities.
A statement by the Federal Executive Council (FEC), noted that the new fuel price is now 125 Naria.
The President ordered that the adjustment takes effect immediately.
While giving the directive on behalf of the President, Mr Timipre Sylva, who is the minister of state for petroleum resources, told the press that the petroleum marketers are to comply with the new development as it will be enforced by the NNPC and the 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.
Following the outbreak of the coronavirus, the prices of crude oil globally have witnessed sharp deeps. Brent Crude has been sold for $35.44 per barrel while Bonny Light has been sold at $33.63 dollars per barrel, these values are way below the $57 per barrel benchmark for the 2020 budget.