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.