The price of petrol has dropped to N130 from N145 following an approval given by President Muhammadu Buhari.
The decision was taken after a presentation by the Minister of State, Petroleum, Mr Timipre Sylva to the Federal Executive Council on Wednesday.
It was learnt the reduction in petrol price became relevant following 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.