Federal Government Reduce Petrol Price to N87

            

The Federal Government of Nigeria  has reduce the pump price of petrol by N10 per litre, meaning the official pump price will be N87,which takes effect from Sunday night, this was announce by the Minister of Petroleum Dieziani Alison Madueke while briefing the Media,


She said: “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. Therefore the reduction will be from N97 per liter to N87 per liter effective as of mid-night Sunday the 18th of January 2015. 

“In line with this I have directed the Petroleum Product ‎Pricing Regulatory Agency and the Directorate of Petroleum Resources to ensure there is strict adherence to this new pricing regime as soon as it takes effect from midnight Sunday 18th of January 2015.

 “I do hope the entire country will benefit immensely from this reduction in the pump price of petroleum.” She said the government has been “watching very carefully for the last two weeks” to ensure that the volatility did not destabilise this particular reduction in price.

“We think it is safe‎ to implement it at this time,” she said.