SAN FRANCISCO, March 18, (THEWILL) – The Federal Executive Council (FEC) is considering reducing the pump price of petrol, after a presentation by Timipre Sylva, the minister of state for petroleum resources, at the meeting on Wednesday.
According to data by the Petroleum Products Pricing Regulatory Agency (PPPRA) the landing cost of petrol is N64.32 on Monday as a result of the drop in crude oil prices.
Brent crude, the international benchmark of crude oil, traded at $30 on Tuesday and has dropped to $27 on Wednesday.
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With this drop, it means that the federal government through the Nigerian National Petroleum Corporation has not been paying subsidy on petrol but recording a profit of N80 on every litre of petrol consumed.
THEWILL recalls that Atiku Abubakar, former vice president and the presidential candidate of the Peoples Democratic Party (PDP) in the 2019 election, had on Tuesday asked the federal government to reduce the pump price of petrol.
