Late last night, the Minister of Petroleum Resources, Diezani Alison-Madueke (Mrs.) released a statement that blew every Nigerian away. Pump price for fuel has been reduced to N87 and it took effect midnight last night. Mrs. Diezani had said in her statement:
As you may be aware, there has been a lot of volatility in the oil market in the past few months and due to this the importation prices of our petroleum products have been impacted.
Therefore, with the approval and directive of Mr. President and by virtue of Section 6 clause 1 of the Nigerian Petroleum Act, it is my responsibility as Minister of Petroleum Resources to hereby announce a reduction in the pump price of Petroleum Motor Spirit
(Petrol) from the current Ninety Seven Naira (=N=97) per litre pump price down to Eighty Seven Naira
(=N87=) per litre pump price, effective from twelve (12) midnight Sunday, 18th of January 2015. Continue...
Accordingly, I have directed the Petroleum Products Pricing Regulatory Agency (PPPRA) and the Department of Petroleum Resources (DPR) to ensure strict compliance of this price adjustment by all marketing companies. It is my hope that all Nigerians will benefit from this adjustment.
I thank you and God Bless you all.
Diezani Alison-Madueke (Mrs.) CON Honourable Minister of Petroleum Resources
What do you say about the price reduction, guys? The last time the price of fuel changed in Nigeria was in January 2012, from N141 to N97, and that was after the public outrage on the announcement of a removal of the subsidy.
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