Less than one month to the General Elections the Federal Government of Nigeria on Sunday night announced a reduction in the price of petrol from N97 to N87 per litre.
According to a Vanguard report, the reduction follows the crash in the price of crude oil in the international market.
Mrs. Diezani Allison-Madueke, Minister of Petroleum, made the announcement on the Nigerian Television Authority, NTA, last night. She spoke from the presidential villa apparently after consultations with President Goodluck Jonathan.
She said: “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.”