The Federal Government has guided the Nigerian National Petroleum Corporation to decrease the siphon cost of oil from N145 to N125.
This, the administration stated, was to mirror the present accident in the worldwide cost of raw petroleum.
The President, Major General Muhammadu Buhari (retd.), affirmed the value decrease after the Minister of State, Petroleum Resources, Mr Timipre Sylva, informed him on the issue.
Sylva additionally made an introduction to the Federal Executive Council on Wednesday, The Naijalitz reports.
“The drop in raw petroleum costs has the normal open market cost of imported oil underneath the official siphon cost of 145 for every liter,” the record said.
It included, “Consequently, the FG is coordinating the NNPC to diminish ex-beach front and ex-stop costs of PMS to mirror the present market real factors.”
Talking with columnists after the meeting, he said the new cost would take “prompt impact”.
The administration coordinated the NNPC and the PPPRA to work out the subtleties.
He included that the siphon costs of diesel and lamp fuel would likewise be decreased.
Sylva said the NNPC would reveal all the new costs soon.
Raw petroleum sells for about $29 per barrel, dropping from about $60 in December.