Federal Government has approved a new pump price for premium motto spirit, otherwise known as petrol to be reduced from its initial price of N145 to N125 per litre retail pump price effective 19th March 2020. The call for the reduction of fuel became necessary following the fall in global oil prices. More so, the outbreak of the COVID-19 pandemic has also crashed the International crude oil price from 60 dollars per barrel to 30 dollars per barrel.
The FG also promised to allow the international price of crude oil to determine the prices of petroleum products in the country.
