Nigeria president Muhammadu Buhari don approve fuel price to reduce sake of di crash for global crude oil price.
For inside statement wey Nigeria Minister of State for Petroleum Resources release, im say di drop for crude oil price don lower di expected open market price of petrol wey dem import below di official pump price of N145 per litre.
Na because of di situation Nigeria president direct make price reduce to reflect di current market reality.
Di new price of petrol now na N125 according to di order from President Buhari.
RE: REDUCTION IN PRICE OF PREMIUM MOTOR SPIRIT (PMS)
Reductions, as communicated by @NNPCgroup, will translate to N125/litre retail pump price. https://t.co/skqr4lrjKO
— Ministry of Petroleum Resources, Nigeria (@FMPRng) March 18, 2020
Goment don also direct di Nigeria National Petroleum Corporation, NNPC, to reduce ex-coastal and ex-depot prices of fuel make e reflect wetin dey happun for market.
Di outbreak of coronavirus don affect crude oil prices globally as one barrel of crude dey sell for $29 instead of $60 wey be di price for December.
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Crude oil price fall wey Nigeria 2020 budget bin put hope on na sometin wey still dey unfold and fit worse pass as e be as di market still dey react.