The Nigerian government has announced a reduction in the fuel price of petrol from N97 per litre to N87 per litre.The Minister of Petroleum Resources, Diezani Alison-Madueke, said at a press conference at the presidential villa, Abuja, on Sunday that the new price regime would take effect at midnight today.
Mrs. Alison-Madueke said the N10 reduction in fuel price was necessitated by the reduction in crude oil prices in the international market.
The Petroleum Product Pricing Regulatory Agency [PPPRA] and the Department of Petroleum Resources [DPR] have been asked to enforce strict compliance with the new pricing regime as soon as it becomes effective, the minister said.
The new measure is a reversal of government’s policy on the matter as the Minister of Finance had said in December that Government will not reduce fuel price despite falling oil prices at the international market, until the revenue crisis occasioned by the dwindling oil rates is over.
Hmnnn, this is good news. What necessitated the change of policy. Elections??? All the same... I was expecting the reduction to be more , at least to bring down the pump price to N50.
some people will say its politically motivated... the world crude oil price currently stood at about $50 per barrel... it is economically reasonable to reduce the fuel pump price... if it comes at a time of seeking re election, the timing of oil price crashing simply work in his favour.. however one looks at it ...the price have been reduce by N10... at least savings for our pockets...lol
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