By Emmanuel Aziken, Political Editor & Ben Agande
THE Federal Government last night announced the reduction
in the price of petroleum products from N97 to N87 per litre.
The reduction follows the crash in the prices of crude oil in
the international markets.
The minister of petroleum, Mrs. Diezani Allison-Madueke,
made the announcement on the Nigerian Television
Authority, NTA, last night. She spoke from the presidential
villa apparently after consultations with President Goodluck
Jonathan.
She said: “I will like to announce the reduction in the price
of Premium Motor Spirit by N10. Therefore, the reduction
would be from N97 per litre to N87 per litre and this would
be effective from midnight Sunday, January 18, 2015. In line
with this I have directed the Petroleum Products Pricing
Regulatory Agency, PPPRA, and the Directorate of
Petroleum Resources to ensure that there is strict
adherence of this regime as it takes effect from midnight
Sunday, January 18. I do hope that the entire country will
benefit immensely from this reduction of the pump price.”
The price of petroleum products was fixed at N97 in January
2012 after the administration made an abortive move for the
full deregulation of the downstream sector which initially
saw petrol prices rocket to more than N140 per litre. The
move was challenged by a general uprising across the
country led by the Occupy Nigeria movement which
organised city shutdowns across some of the major cities in
the country.
The move by the civil right activists was coupled by a
general strike by organised labour.
The strike was called off on January 16 after the
administration drew back from the full deregulation and
agreed to a reduction of the prices to a fixed N97 that would
be varied according to a template based on the price of
crude in the international markets.

http://www.vanguardngr.com/2015/01/federal-government-reduces-petrol-price-to-n87-per-litre-2/