President Goodluck Jonathan has ordered the reduction of pump price of Premium Spirit (PMS) to 87.00 per litre. The new measure takes effect midnight 18th Day of January, 2015. Petroleum Minister,Dieziani Alison-Madueke announced this Sunday night at the Presidential Villa.
She said the Petroleum Product Price Regulatory Agency (PPPRA) has therefore been directed to effect the new change with immediate effect.
While briefing State House Press Corps, she said “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.
According to the minister,“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.
Fuel pump price has been a combustible issue in Nigeria.In fact,President Goodluck Jonathan’s decision to increase fuel price through withdrawal of fuel subsidy ignited a nation-wide protest in January 2012.
As the 2015 presidential elections draw nearer, Sunday’s announcement of fuel price reduction is already being seen by observers spoken to as part of the president’s efforts to win the votes of the masses.
In deed the petroleum minister while briefing journalists expressed “hope the entire country will benefit immensely from this reduction in the pump price of petroleum.”
Alison –Madueke said further,”We think is actually time to reduce the price we have been watching very carefully for the last two weeks to ensure that the volatility did not destabilise this particular reduction in price and we think is safe to implement it at this time.”
