The Federal Authorities has ordered the NNPC to regulate the value of gas to replicate international market realities.
In line with a briefing from the Federal Govt Council (FEC), the brand new pump value of petrol is now 125 naira.
The President ordered that the adjustment takes impact instantly.
Giving the directive on behalf of the President, Mr Timipre Sylva informed newsmen that compliance by petroleum entrepreneurs is to be enforced by the NNPC and the PPPRA.
Mr Sylva, the minister of state for petroleum sources famous that the value slash will have an effect on all merchandise, including that their costs are additionally to be set by the PPPRA and the NNPC.
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He additional revealed that the ministry can be adopting a value modulation mechanism so the value of petroleum merchandise might be regulated because the market dictates.
In line with the minister, it’s believed that this measure may have a salutary impact on the financial system, present aid to Nigerians and can present a framework for the sustainable provide of PMS to Nigeria.
He assured that the Ministry of Petroleum Sources will proceed to encourage the usage of compressed pure fuel to enrich PMS utilization as a transport gas.
Mr Sylva had final week stated the federal government was in session with related stakeholders on the opportunity of lowering the value following the crash in crude oil costs within the worldwide market.
Following the outbreak of the coronavirus, the costs of crude oil globally have witnessed sharp deeps.
Brent Crude has been offered for $35.44 per barrel whereas Bonny Mild has been offered at $33.63 dollars per barrel, these values are approach beneath the $57 per barrel benchmark for the 2020 funds.