The Minister of Petroleum Resources,
Diezani Alison-Madueke has announced
a reduction in pump price of petrol from
N 97 per litre to N87 per litre effective in
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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