By Emmanuel Aziken, Political Editor & Ben Agande
THE Federal Government last night announced a reduction in the price
of premium motor spirit (petrol)from N97 to N87 per litre.
The reduction follows the crash in the price of crude oil in the
international market.
The Minister of Petroleum, Mrs. Diezani Allison-Madueke, made the announcement on the Nigerian Television Authority, NTA, last night. She spoke from the presidential villa apparently after consultations with President Goodluck Jonathan.
The Minister of Petroleum, Mrs. Diezani Allison-Madueke, 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.”
The price of petrol was fixed at N97 in January 2012 after the
administration made an abortive move for the full deregulation of the
downstream sector which initially saw petrol price rocket to more than N140 per
litre. The move was challenged by a general uprising across the country led by
the Occupy Nigeria movement which organised city shutdowns across some of the
major cities in the country.
The move by the civil right activists was coupled by a general strike by
organised labour.
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.
Source: Vanguard
Source: Vanguard
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