REDUCTION OF FUEL PRICE BY FEDERAL GOVERNMENT

Diezani Alison-Madueke announces the reduction of fuel price this evening.               

                 

 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.) CON
Honourable Minister of Petroleum Resource