Reduction of pump price for Premium Motor Spirit (PMS) from N145 to N130 is underway, due to the global fall in crude oil.
It was gathered that the Minister of State for Petroleum Resources, Chief Timipre Sylva, had informed the President Buhari during the ongoing Federal Executive Council (FEC) meeting at the Villa on the need to reduce pump price.
Consequently, President Buhari might have approved the reduction of the pump price of petrol from N145 to N130.
A reliable presidential source, who disclosed this to The Nation at the Presidential Villa on Wednesday, said the approval may have followed a presentation by the Minister of State on Petroleum Resources, Chief Timipre Sylva, to the ongoing Federal Executive Council (FEC) meeting at the Villa.
The Nation reports that an anonymous source said Sylva had made a request to the Federal Executive Council (FEC) for the reduction of the pump price.
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