Great news for Nigeria and a shift from the incessant hike in fuel price as Petroleum Minister Alison-Madueke announced a N10 reduction in pump price of petrol from N97 per litre to N87 per litre effective from midnight January 18th. She made the announcement via a broadcast which was televised by NTA.
According to her;
“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.
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)
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