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
(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
What do you say about the price reduction, guys? The last time the
price of fuel changed in Nigeria was in January 2012, from N141 to N97,
and that was after the public outrage on the announcement of a removal
of the subsidy.