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

Nigeria has introduced a "modulation mechanism" that will allow a reduction in petrol costs if there is a decline in crude prices, a presidential 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.