Late last night, the Minister
of Petroleum Resources, Diezani Alison-Madueke (Mrs.) released a statement that
blew every Nigerian away. Pump price for fuel has been reduced to N87 and it
took effect midnight last night. Mrs. Diezani had said in her statement:
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.
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