Nigeria’s Minister of State for Petroleum Resources, Timipre Sylva, has said the federal government is in consultation, to decide if the pump price of petrol will be reduced.
Speaking with reporters in Abuja on Friday, Sylva explained that this was because of the drop in crude oil prices.
As at 9pm yesterday, Brent crude which is the global benchmark, was trading at $34.88 per barrel.
This has resulted to a drop in the landing cost of petrol.
The Petroleum Products Pricing Regulatory Agency (PPPRA) gave the landing cost of petrol as N95.16 per litre as at Tuesday, with the expected open market price of petrol was N114.53 per litre.
“This is a developing issue. We are still consulting, we are still following it closely.
“Of course, usually, the product prices follow the crude oil price but we are still consulting, we’ll get back to you, please, be patient,” Sylva said.