The Independent Marketers of petroleum products on Monday announced a reduction in the pump price of Premium Motor Spirit (PMS) also known as petrol to N140 per litre.
Petrol sells for N145 per litre and N143 per litre in some places since President Muhammadu Buhari took over power in 2015.
National President of Independent Marketers Associate of Nigeria (IPMAN), Chinedu Okoronkwo, in an interview with New Telegraph, said that the reduction of fuel price from its current N145 per litre was a sacrifice for the rescheduled general elections.
This is the first time in the history of 58-year-old Nigeria that the pump price of petrol is reduced by marketers – who are generally businessmen – over elections.