NewsRescue-Following the complaints of opposition persons like ENDS organisation, the APC party and Paradigm writer, Kikiowo Ileowo, the Nigerian government reversed its earlier position as stated by minister of economy, Ngozi Iweala–to wait till oil prices stabilize–and has slightly reduced the pump price of gasoline.
- SEE: NewsRescue–By Failing to Reduce Pump Fuel Price, FGN Violates Deregulation – By Dr Peregrino Brimah
- SEE: NewsRescue–Crude Oil Price: Why The Nigerian Government Must Revert To N65 Now! By Kikiowo Ileowo
- SEE: NewsRescue–#OccupyNigeria: President Buhari Demands Immediate Reduction in Pump Fuel Price
- SEE: Abusidiqu-Saraki Challenges FG Over Failure to Reduce Pump Price of Petrol
President Goodluck Jonathan of Nigeria tonight approved reduction in the price of gasoline from N97 ($0.52) to N87 ($0.47) per liter .
The announcement, generally perceived as a political stunt, meant that Nigerians will pay less per gallon of gasoline.
Nigeria’s minister of petroleum resources, Diezani Alison-Madueke broke the news to journalists at the State House.
Below is the full statement from Nigeria’s Petroleum minister:
As you may be aware, there has been a lot of volatility in the oil market in the past few months and due to this the importation prices of our petroleum products have been impacted.
Therefore, with the approval and directive of Mr. President and by virtue of Section 6 clause 1 of the Nigerian Petroleum Act, it is my responsibility as Minister of Petroleum Resources to hereby announce a reduction in the pump price of Petroleum Motor Spirit (Petrol) from the current Ninety Seven Naira (=N=97) per litre pump price down to Eighty Seven Naira (=N87=) per litre pump price, effective from twelve (12) midnight Sunday, 18th of January 2015.
Accordingly, I have directed the Petroleum Products Pricing Regulatory Agency (PPPRA) and the Department of Petroleum Resources (DPR) to ensure strict compliance of this price adjustment by all marketing companies.
It is my hope that all Nigerians will benefit from this adjustment. I thank you and God Bless you all.
Diezani Alison-Madueke (Mrs.)
Minister of Petroleum Resources