President Muhammadu Buhari may have approved the reduction of pump price of the Premium Motor Spirit (PMS) also known as petrol from N145 to N130.

A reliable presidential source, who disclosed this to The Nation at the Presidential Villa on Wednesday, said the approval may have followed a presentation by the Minister of State on Petroleum Resources, Chief Timipre Sylva, to the ongoing Federal Executive Council (FEC) meeting at the Villa.

According to the source, who would not want to be named, Sylva had made a request to the FEC for the reduction of pump price of the product, citing the drop in the price of crude oil at the global market.

More details to follow.