Diezani Allison-Madueke
The Federal government has Sunday evening announced an immediate reduction in the pump price of petrol.
Making the announcement at a press conference at the presidential villa, Abuja, the Minister of Petroleum Resources, Alison Madueke announced that the product will now be sold for N87 per litre as against the current N97.
She said the reduction became imperative following the falling prices of oil at the internationally market.
The latest announcement was made after many Nigerians, including the Lagos State Governor, Babatunde Fashola as well as the Nigerian Labour Congress had pressed for a downward review of the pump price of the product.
The statement reads below:
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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