March 18, 2020 / 3:11 PM / 14 days ago

Nigeria to lower gasoline pump prices to 130 naira -sources

ABUJA, March 18 (Reuters) - Nigeria will lower government-capped gasoline pump prices to 130 naira per litre, from 145 naira, four sources told Reuters on Wednesday.

State oil company NNPC imports nearly all the gasoline in Nigeria, Africa’s largest economy, because of price caps that mean marketers would lose money if they imported themselves.

President Muhammadu Buhari approved the lower price during a cabinet meeting. The government did not immediately give a reason for the decision, though benchmark crude prices have tumbled in the face of the coronavirus pandemic. (Reporting by Felix Onuah, Libby George and Alexis Akwagyiram Editing by David Goodman)

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