The Federal Government of Nigeria has approved the reduction in pump price of premium motor spirit (PMS) popularly known as petrol from N145 per litre to about N125.
The reduction, it was gathered, followed the presentation of the issue by the Minister of State, Petroleum Resources, Timipre Sylva, to the meeting of Federal Executive Council (FEC) chaired by President Muhammadu Buhari.
The approval followed the fall in crude oil prices from $60, which is now currently oscillating between $29 and $30.
