Nigeria may cut petrol price to n130

A significant development in the Nigerian energy sector!

According to reports, the Nigerian government is considering a reduction in the pump price of petrol from the current N145 per liter to N130 per liter. This potential price cut is expected to be announced soon, possibly as early as this week.

The proposed reduction is seen as a response to the current economic challenges facing the country, including the impact of the COVID-19 pandemic on the global economy and the subsequent decline in oil prices. The government is also looking to reduce the burden on Nigerians, who have been grappling with the high cost of living.

If implemented, the price cut would be the first reduction in petrol prices in Nigeria since 2016, when the government increased the pump price from N97 to N145 per liter. The move is expected to have a positive impact on the economy, as it would lead to increased consumer spending and boost economic growth.

However, it's worth noting that the proposed price cut is still subject to approval by the Federal Executive Council (FEC), which is the highest decision-making body in the Nigerian government. The council is expected to meet soon to deliberate on the proposal.

What do you think about this potential price cut? Would it make a significant difference in your daily life?