It was learned that the Federal Government may have approved the new price after a presentation by Minister of State for Petroleum Resources, Timipre to the ongoing meeting of the Federal Executive Council, FEC, being presided over by President Muhammadu Buhari at the presidential villa, Abuja.
Sylva, had last week said the 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.
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