President Muhammadu Buhari has crashed the price of petrol at the filling station from N145/litre to N125/liter.
It gathered that the approval followed a presentation by the Minister of State Petroleum Resources, Mr Timipre Sylva, to the Federal Executive Council (FEC), on Wednesday.
The source claimed that the Minister briefed the council on the need to reduce the pump price following the global fall in oil price.
It was also gathered that the outbreak of COVID-19, has made the international crude oil price to crash from $60 to $30, causing fear of a possible economic crisis.
The sources added that going forward, the government would allow the international price of crude to determine the prices of the product in Nigeria.
Meanwhile, the Minister of State, Petroleum Resources according to uncomfirmed information is scheduled to meet with members of the organized Labour in the oil and gas sector before proceeding to make the formal announcement for the price adjustment.