BREAKING: Petrol price reduced to N87 per litre

by Kolapo Olapoju

The Minister of Petroleum Resources, Diezani Alison-Madueke has announced a  reduction in pump price of petrol from N97 per litre to N87 per litre effective midnight tonight, Sunday, January 18.

Alison-Madueke disclosed this at a press conference at the presidential villa, Abuja.

She said the N10 reduction in fuel price was necessitated by the reduction in crude oil prices in the international market.

The reduction was also announced by Presidential spokesperson, Rueben Abati, who made the disclosure via his Twitter handle.

He tweeted: “Petroleum Minister Alison-Madueke announces a N10 reduction in pump price of petrol from N97 per litre to N87 per litre effective midnight.”

While briefing journalists, Alison-Madueke, explained the reason why the price had to be reduced at this time.

“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 (primium 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”.

On the timing of the announcement of the reduction , she said “We think 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 is safe‎ to implement it at this time”.

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