We’re consulting stakeholders on reducing petrol price ─Minister

* As Brent Crude price averages US$29.89 in global oil market

Isola Moses | ConsumerConnect

Despite the initial reported controversy that trailed an attempt to reduce the fuel pump price by stakeholders in the oil and gas industry, the Federal Government of Nigeria says it has begun consultations with relevant investors on a likely reduction of the pump price of petrol following the continuous global crash of fuel prices.

It was gathered that Mr. Timipre Sylva, Honourable Minister of State, Petroleum Resources, disclosed this Friday, March 13, in Abuja, FCT.

The Minister spoke with State House Correspondents after the committee President Muhammadu Buhari inaugurated to assess the impact of the fast spreading and deadly Coronavirus (COVID-19) on the economy, met with him (Buhari) at the Presidential Villa.

Sylva though clarified that no decisions yet had been taken to cut the pump price, he said consultations were ongoing in this regard.

“We are still consulting; we are still following it closely. Of course, usually, the product prices follow the crude oil price, but we are still consulting.

“We will get back to you (media); please, be patient,” he stated.

While the FG budgeted $57 for the Federal Budget 2020, Brent crude sold for $34.50 last Friday.

Crude prices have witnessed fall since January from the $60 it was when President Buhari signed the N10.59tn budget into law in December 2019.

ConsumerConnect investigation has revealed that Brent Crude oil sold at US$29.89 as of midday Tuesday, March 17, 2020, in the international oil market.

Nonetheless, the pump price of petrol in Nigeria has remained at N145 per litre, despite reports by fuel import monitors that landing cost has also dropped recently.