petrol pump 2

A story just coming in says the Federal Government this night announced a reduction in the pump price  of Petroleum to N87 per litre

Petroleum Minister Diezani Allison Madueke who made the announcement to newsmen at State House Abuja said the adjustment which was with President Goodluck Jonathan’s approval and in line with Section 6 Clause 1 of the Petroleum Act, would take  effect as from midnight today, the 18th  of January

The Petroleum Minister therefore directed the Petroleum Products Pricing Regulatory Agency, PPPRA ‎to immediately effect the new change and ensure that there was strict adherence to the new pricing regime as soon as it took effect

Noting that the volatility in price of petroleum products particularly crude oil over the last few months , had greatly impacted on the price of the product in Nigeria, the Petroleum Minister said this was the best time to effect the change.

Mrs Allison Madueke said government had been watching the market carefully for the last two weeks to ensure that the volatility did not destabilize the reduction in price and felt that it was safe‎ to implement it at this time.



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