The Federal Government on Wednesday approved the reduction of the pump price of Premium Motor Spirit (PMS), popular known as petrol.
The reduction will see the pump price which was hitherto N145 per litre pegged at N130 per litre.
The reduction is sequel to a presentation by the minister of state for petroleum resources, Timipre Sylva, at the Federal Executive Council meeting on Wednesday.
The reduction is coming in the wake of the crude oil prices slump globally.
According to data made available by the Petroleum Products Pricing Regulatory Agency, the landing cost of petrol is N64.32 on Monday.
This drop is as a result of the drop in crude oil prices.
Brent crude, the international benchmark of crude oil, traded at $30 on Tuesday and has dropped to $27 on Wednesday.
With this drop, it means that the federal government through the Nigerian National Petroleum Corporation has not been paying subsidy on petrol.
Instead, it has been recording a profit of N80 on every litre of petrol consumed.
According to the NNPC, Nigerians consume an estimated 40 million litres of petrol per day.