FG Reduces Petrol Price To 87 Naira



The Federal Government of Nigeria, yesterday announced the reduction in petrol pump price from N97 to N87 per litre.

The reduction in price is as a result of the crash in the price of crude oil in the international market. The Minister of Petroleum, Mrs. Diezani Allison-Madueke, made the this development public on the Nigerian Television Authority, NTA, last night. She spoke from Aso Rock obviously after consultations with President Goodluck Ebele  Jonathan.
“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.” She said.

The price of petrol was formerly fixed at N97 per litre in January 2012 after the administration made an unsuccessful move for the full deregulation of the downstream sector which at first saw petrol price rise to about N140 per litre. The move was challenged by a general protest across the nation led then by the Occupy Nigeria movement which organized city shutdowns across some of the major cities in the country.


The organised labor also embarked on a strike then and the strike was called off on January 16 after the administration drew back from full deregulation and agreed to a reduction of the price to a fixed N97 that would be varied according to a template based on the price of crude in the international market.


Do you think the reduction in petrol price is a strategy to win Nigerians over to GEJ’s camp ahead of the forthcoming elections?


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