FG Slashes Petrol Pump Price To N87

Posted by African Examiner Business News, Featured, Latest Headlines, Uncategorized Sunday, January 18th, 2015

The Federal Government has slashed the pump price for petroleum product from N97 to N87 per litre as a result in fall in crude oil price.

Petroleum Minister, Allison Madueke Announced the slash in price on Sunday in Abuja at a news conference saying it was due to the drop in global crude oil prices.

“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 N97 per litre pump price down to N87 per litre pump price, effective from 12 midnight Sunday,” she said.

Madueke added “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”, she said.