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.