Petrol Price Drops To N130

petrol price may come down by up to rs 150litre 120913035327

The price of petrol has dropped to N130 from N145, according to an approval given by President Muhammadu Buhari.

This followed a presentation the Minister of State, Petroleum, Mr. Timipre Sylva, made to the Federal Executive Council on Wednesday.

The PUNCH learned that development is a fallout of the crash in crude oil price due to the spread of Coronavirus.

Oil sells for about $29 per barrel, dropping from about $60 in December.

Sylva had hinted last week that the government was consulting on whether to cut the pump price of petrol and would come up with a decision soon.

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