The Federal Government has ordered the NNPC to adjust the price of fuel to reflect global market realities. According to a briefing from the Federal Executive Council (FEC), the new pump price of petrol is now 125 naira.
The President ordered that the adjustment takes effect immediately. Giving the directive on behalf of the President, Mr Timipre Sylva told newsmen that compliance by petroleum marketers is to be enforced by the NNPC and the PPPRA.
Mr Sylva, the minister of state for petroleum resources noted that the price slash will affect all products, adding that their prices are also to be set by the PPPRA and the NNPC.