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Nairaland Forum / Nairaland / General / Politics / #breaking News# FG Reduces Fuel Price To N87 *N10 Reduction (425 Views)
Buhari Apologies To Nigerians Over Fuel Scarcity, Pump Price To Remain At N87 / Buhari Will Reduce Fuel Price To N40 Per Litre — David-West / FG Reduces Price Of Petrol To 87 Naira Per Litre (2) (3) (4)
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#breaking News# FG Reduces Fuel Price To N87 *N10 Reduction by tonididdy(m): 8:02am On Jan 19, 2015 |
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. |
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