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N10 savings as price of petrol drops in Nigeria

22nd Jan 2015 In a move generating a lot of discussion, Nigeria’s Federal Government, through the Minister of Petroleum Resources, Diezani Alison-Madueke has announced a reduction in the pump price of petrol by N10 from N97 to N87 per liter. The announcement took place on the 18th of January at a media briefing at the state house in Abuja

According to the minister, the reduction which has already taken effect is due to the recent drastic fall in the prices of crude oil in the international market.

She is quoted as saying “As you may be aware, there has been a lot of volatility in the price of petroleum products, particularly crude oil, over the last few months. Invariably, this has meant that the price of the product in Nigeria has also been greatly impacted. It is as a result of this, under the approval and directive of Mr. President and in line with Section 6 Clause 1 of the Petroleum Act, that it is my responsibility as the minister of Petroleum to announce that there will be a reduction in the pump price of petrol by N10. Therefore, the reduction will be from N97 per liter to N87 per liter effective as from midnight, Sunday January 18, 2015.

The Petroleum Minister went on to say, “In line with this, I have directed the Petroleum Product Pricing Regulatory Agency and the Directorate of Petroleum Resources to ensure that there is strict adherence to this new pricing regime as soon as it takes effect from midnight Sunday, January 18, 2015. I do hope the entire country will benefit immensely from this reduction in the pump price of petrol.”

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