Nigeria's Minister Of petroleum,
Mrs Alison Madueke has announced the reduction in the retail pump price of petroleum from N97 to N87 . This is obviously in line with the drop and free fall in the price of crude oil prices per barrel, which currently trades at the below the bench mark price of $50. I commend this move and this as a step in the right direction to pacify the good masses of Nigeria. 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
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