The Nigerian government has cut price for Premium Motor Spirit (PMS) also known as petrol from N145 to N125.

A source told The Guardian that the possibility of reducing the petrol price was one of the major talking points between Nigeria President Muhammadu Buhari and other government officials at the weekly Federal Executive Council (FEC) meeting in Abuja.

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Minister of State for Petroleum Resources, Timipre Sylva, 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.

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Crude oil prices in the international market slumped drastically since the outbreak of the coronavirus.

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