Petrol is now to be sold at N87 per litre, representing a reduction of N10 from the previous price of N97
THE federal government has reduced the pump price of fuel from N97 per litre to N87 as a result of the fall in the price of crude oil in the international market. The new measure takes effect from midnight January 18.
Diezani Alison-Madueke, petroleum minister, announced this on Sunday at the presidential villa where she said that the Petroleum Product Price Regulatory Agency, PPPRA, had been directed to effect the new change with immediate effect.
“As you may be aware, there has been a lot of volatility in price of petroleum product particularly crude oil over the last few months, invariably this has meant that the price of the product in Nigeria has also been greatly impacted. It is as a result of this under the approval and directive of Mr. President and in line with Section 6 Clause 1 of the Petroleum Act, that it is my responsibility as the minister of petroleum to announce that there will be a reduction in the pump price of petroleum (premium motor spirit) by N10”, she said.
Alison-Madueke has directed the Petroleum Product Pricing Regulatory Agency and the Directorate of Petroleum Resources to ensure there is strict adherence to this new pricing regime and expressed “hope the entire country will benefit immensely from this reduction in the pump price of petroleum.”
According to her: ”We think it is actually time to reduce the price we have been watching very carefully for the last two weeks to ensure that the volatility did not destabilise this particular reduction in price and we think it is safe to implement it at this time.”
— Jan. 26, 2015 @ 01:00 GMT