JUST IN: Petrol Price drops to N130

The price of petrol has dropped to N130 from N145, according to an approval given by President Muhammadu Buhari.

This followed a presentation the Minister of State, Petroleum, Mr Timipre Sylva, made to the Federal Executive Council on Wednesday.

It was gathered that the development is a fallout of the crash in crude oil price due to the spread of Coronavirus.

Oil sells for about $29 per barrel, dropping from about $60 in December.

Sylva had hinted last week that the government was consulting on whether to cut the pump price of petrol and would come up with a decision soon.