The Federal Government is mulling over whether to reduce the pump price of fuel in the country.
Minister of State for Petroleum Resources, Timipre Sylva, told newsmen in Abuja on Friday, that this was due to the drop in crude oil prices, leading to a slump in the landing cost of petrol.
As at Tuesday, the Petroleum Products Pricing Regulatory Agency (PPPRA) had given the landing cost of petrol as N95.16 per litre, and projected open market price of petrol at N114.53 per litre.
“This is a developing issue. We are still consulting, we are still following it closely,” Sylva said. “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,” the minister pleaded.