Federal Govt. Slashes Fuel Pump Price By N10 • Petrol Price Now N87.

The Federal Government last night announced a reduction in the price of premium motor spirit (petrol)from N97 to N87 per litre.

The reduction follows the crash in the price of crude oil in the international market.

The Minister of Petroleum, Mrs. Diezani Allison-Madueke, made the announcement on the Nigerian Television Authority, NTA, last night. She spoke from the presidential villa apparently after consultations with President Goodluck Jonathan.

She said: “I will like to announce the reduction in the price of Premium Motor Spirit by N10. Therefore, the reduction would be from N97 per litre to N87 per litre and this would be effective from midnight Sunday, January 18, 2015. In line with this I have directed the Petroleum Products Pricing Regulatory Agency, PPPRA, and the Directorate of Petroleum Resources to ensure that there is strict adherence of this regime as it takes effect from midnight Sunday, January 18. I do hope that the entire country will benefit immensely from this reduction of the pump price.”