Nigeria’s Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has announced the reduction of the pump price of petrol from N97 (about $0.60 to N87 (about $0.54) per litre. Alison-Madueke said on Sunday in Abuja that the reduction, which took immediate effect from midnight of January 18, became necessary due to the recent drastic fall in the prices of crude oil in the international market.
She explained that two government agencies – the Petroleum Products Pricing Regulatory Agency and the Directorate of Petroleum Resources had been directed to immediately effect the change.
“As you may be aware, there has been a lot of volatility in the price of petroleum products, 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 petrol (Premium Motor Spirit) by N10.
“Therefore, the reduction will be from N97 per litre to N87 per litre effective as from midnight, Sunday January 18, 2015.
“In line with this, I have directed the Petroleum Product Pricing Regulatory Agency and the Directorate of Petroleum Resources to ensure that there is strict adherence to this new pricing regime as soon as it takes effect from midnight Sunday, January 18, 2015.
“I do hope the entire country will benefit immensely from this reduction in the pump price of petrol,” the minister said.