The reduction of pump price of the Premium Motor Spirit (PMS) otherwise known as petrol from N145 to N130 has been approved by President Muhammadu Buhari.
This was gathered from a reliable presidential source, who disclosed to The Nation at the Presidential Villa on Wednesday.
According to him, 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 source, who would not want to be named added that Sylva had made a request to the FEC for the reduction of pump price of the product, citing the drop in the price of crude oil at the global market.
