This followed a presentation the Minister of State, Petroleum, Mr Timipre Sylva, made to the Federal Executive Council on Wednesday.
It was learnt the development is a fallout of the crash in crude oil price due to the spread of Coronavirus.
Oil sells for about $29 per barrel, dropping from about $60 in December.
Sylva had hinted last week that the government was consulting on whether to cut the pump price of petrol and would come up with a decision soon.
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