Nigerians will have more money in their pockets from Monday January 19, 2015 as the pump price of petrol is reduced by N10. Petrol will now sell for N87 at petrol stations.
The announcement was made on Sunday January 18, 2015 by the minister of Petroleum Resources, Dieziani Alison Madueke who said the reduction was in response to the global slump in oil prices.
Addressing newsmen Madueke said “there has been a lot of volatility in price of petroleum product particularly crude oil over the last 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.”
She added further that she has directed the Petroleum Product Pricing Regulatory Agency (PPRRA) and the Directorate of Petroleum Resources (DPR) to monitor compliance.
Most countries across the world, including the US, have adjusted pump prices lower since crude oil began its free fall.
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