Nigeria’s Minister of Petroleum, Dieziani Alison-Madueke has announced the reduction in the price of Petroleum Spirit (PMS) from N97 per litre to 87.00 per litre with effect from the midnight of 18th February, 2015.
The Petroleum Product Price Regulatory Agency (PPPRA) has been directed to immediately effect the new change with immediate effect. The change is in view of recent reduction in the global price of crude oil.
Briefing State House correspondents today, the Minister of Petroleumexplained why the price has been reduced at this time.
“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 (primium 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.”
The minister said that this is the right time to reduce the price after watching very carefully for the last two weeks, the volatility which should not be allowed to destabilise reduction in price “and we think it is safe to implement it at this time.” [myad]
