There are plans by the federal government on review and possible reduction of the pump price of premium motor spirit PMS commonly called petrol.
According to a source from the presidency who disclosed to The Nation on Wednesday, President Muhammadu Buhari may have approved the reduction of the price from N145/litre to N130/litre.
This comes after a presentation by the Minister of State for Petroleum Resources, Timipre Sylva, to the ongoing Federal Executive Council FEC meeting at the Villa requesting for the reduction of the pump price of the product, following drop in the price of crude oil at the global market.
According to data made available by the Petroleum Products Pricing Regulatory Agency, the landing cost of petrol is N64.32.
Former vice president and 2019 Peoples Democratic Party presidential candidates, Atiku Abubakar had on Tuesday called on the federal government to reduce the pump price of petrol following the fall of the products at the global market.