The Federal Government yesterday reduced the
pomp price of petrol (PMS) to N87 per litre
effective from midnight of January 18 2015.
Minister of Petroleum Resources, Dieziani
Alison-Madueke, announced this last night
while addressing State House correspondents.
She said the Petroleum Products Prices
Regulatory Agency (PPPRA) and the Directorate
of Petroleum Resources (DPR) had been
directed to effect the price change with
immediate effect.
The minister attributed the price change to the
decline in global price of crude oil.
On why the government decided to reduce the
fuel price this time, she said: “We think it is
actually time to reduce the price. We have been
watching very carefully for the past two weeks
to ensure that the volatility did not destabilise
this particular reduction in price and we think it is safe to implement it at this
time.
“As you may be aware, there has been a lot of volatility in prices of petroleum
products, particularly crude oil over the past 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 petroleum (premium motor spirit) by N10. Therefore the reduction will be
from N97 per liter to N87 per liter effective as of mid-night Sunday the 18th of
January 2015.
“In line with this, I have directed the Petroleum Products Prices Regulatory
Agency and the Directorate of Petroleum Resources to ensure there is strict
adherence to this new pricing regime as soon as it takes effect from midnight
Sunday 18th of January 2015. I do hope the entire country will benefit immensely
from this reduction in the pump price of petroleum”, she said.