Nigerian govt approves reduction in pump price of petrol

According to recent reports, the Nigerian government has indeed approved a reduction in the pump price of petrol. As of March 2023, the new pump price of petrol has been set at N185 per liter, which is a decrease from the previous price of N212 per liter.

This decision was made by the Federal Executive Council (FEC), which is the highest decision-making body in the Nigerian government. The reduction in pump price is expected to bring relief to Nigerians who have been grappling with the high cost of living, particularly with regards to transportation and other essential services.

The reduction in pump price is also seen as a move to boost economic growth and stimulate consumption, as well as to reduce the burden on low-income households who are most affected by the high cost of living.

It's worth noting that the reduction in pump price is subject to certain conditions, including the implementation of a new pricing template that takes into account the actual cost of importing petrol, as well as the need to ensure that the country's refineries are functioning optimally.

Overall, the reduction in pump price is a welcome development that is expected to have a positive impact on the lives of Nigerians.