March 18, 2020 / 5:41 PM / 11 days ago

Nigeria launches "modulation mechanism" allowing crude price fall to cut petrol costs -presidency aide

ABUJA, March 18 (Reuters) - Nigeria has introduced a “modulation mechanism” that will allow a reduction in petrol costs if there is a decline in crude prices, a presidency aide said on Wednesday.

“Nigeria has now introduced a modulation mechanism - if crude oil prices go down we will see a reduction in petrol prices. If prices go up we will see an increase,” Bashir Ahmed said in a tweet. He attributed his remarks to the petroleum minister. (Reporting by Alexis Akwagyiram and Paul Carsten)

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