The pump price of Premium Motor Spirit (PMS) otherwise known as petrol has been reduced to N87.00 per litre, the Federal Government announced Sunday night.
Briefing State House correspondents, the Minister of Petroleum Resources, Mrs. Deziani Alison-Madueke, who made the announcement said the reduction takes effect in midnight 18th Day of January, 2015.
Consequently, the Petroleum Product Price Regulatory Agency (PPPRA) has been directed to effect the new change with immediate effect.
She said the change is sequel to the recent reduction in the global price of crude oil.
Alison-Madueke spoke further, “As you may be aware, there has been a lot of volatility in price of petroleum product 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 petroleum (premium motor spirit) by N10, therefore the reduction will be from N97 per liter to N87 per liter effective as of mid-night Sunday the 18th of January 2015.
“In line with this I have directed the Petroleum Product Pricing Regulatory Agency and the Directorate of Petroleum Resources to ensure there is strict adherence to this new pricing regime as soon as it takes effect from midnight Sunday 18th of January 2015.
“I do hope the entire country will benefit immensely from this reduction in the pump price of petroleum.
“We think is actually time to reduce the price we have been watching very carefully for the last two weeks to ensure that the volatility did not destabilise this particular reduction in price and we think is safe to implement it at this time.”
