ThE Federal Government on Sunday announced a
reduction in the pump price of petrol by N10
from N97 to N87 per litre.
The Minister of Petroleum Resources, Mrs.
Diezani Alison-Madueke, announced the reduction
while briefing State House correspondents at the
Presidential Villa, Abuja.
Alison-Madueke said the reduction, which took
immediate effect, was because of the recent
drastic fall in the prices of crude oil in the
international market.
The minister further directed the Petroleum
Products Pricing Regulatory Agency and the
Directorate of Petroleum Resources to
immediately effect the change.
Alison-Madueke said, “As you may be aware,
there has been a lot of volatility in the price of
petroleum products, 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 petrol (Premium Motor Spirit) by
N10.
“Therefore, the reduction will be from N97 per
litre to N87 per litre effective as from midnight,
Sunday January 18, 2015.
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