The Federal Government has reduced the pump price of Premium Motor Spirit, PMS, from N145 per liter to about N130.

The reduction was approved during today’s Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari at the presidential villa, Abuja.

Recall that the Minister of State for Petroleum Resources, Timipre Sylva, had 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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