The idea was mooted during the Federal Executive Council meeting at the Presidential Villa in Abuja on Wednesday.
The pump price of Premium Motor Spirit widely known as petrol may drop to N130 per litre from the current N145.
The idea was mooted during the Federal Executive Council meeting at the Presidential Villa in Abuja on Wednesday.
Recall that the Minister of State for Petroleum Resources, Timipre Sylva, had last week disclosed that government was in consultation with relevant stakeholders on the possibility of reducing the price following the crash in crude oil prices in the international market.
At the moment, the landing cost of petrol is N64.32 after a barrel of oil in the international market dropped to $27 on Wednesday.
Earlier on Tuesday, a former Vice President of Nigeria, Atiku Abubakar, had called on the administration of President Muhammadu Buhari to reduce the pump price of petrol following the fall of oil cost in the global market.