The minister of state for petroleum resources, Timipre Sylva says consultations are ongoing to decide if the pump price of petrol will be reduced or not, Concise News reports.
The average price paid by consumers for petrol price in Nigeria is N145 presently.
“This is a developing issue. 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’ll get back to you, please, be patient,” he told journalists in Abuja on Friday.
Sylva had visited the presidential villa in Aso Rock alongside Zainab Ahmed, the minister of finance, budget and national planning, and Godwin Emefiele, governor of the Central Bank of Nigeria (CBN).
They visited President Muhammadu Buhari to submit an interim report on the impact of coronavirus on the economy.
Commenting on the report submitted to the president, Ahmed said: “What we have been mandated to do is to ensure that the business of government continues to run as much as possible normally, that government agencies are funded but there must be continuous investments in critical infrastructure that would ensure continuous growth and also concentrate on programmes and projects that will enhance employment of our people.
“We are looking at ways and means in which the revenue of government will be stabilized and that we are able to fund the states through the FAAC process at a level that is averagely expected and planned for both the federal as well as the national budget.
“So as we finish our consultations next week, we will be expecting some approvals and then we will be meeting with you to inform you of the specific approvals that we have been able to obtain from his excellency the president.”
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