Federal Government reduces price of petrol to N87
The Minister of Petroleum Resources, Mrs Dieziani Allison-Madueke has announced a drop in the pump price of Premium Motor Spirit, popularly known as petrol from N97 to N87 due to the drop in global crude oil prices.
“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.The Minister gave the directive during a press conference at the Presidential Villa, Abuja on Sunday.
“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 Motor Spirit (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, 18 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”, she said.