Nigeria lowers oil price amist election: Petroleum Minister annonuces

The Federal Government of Nigeria has reduced the oil pump price from the current Ninety Seven Naira (N97) per litre pump price down to Eighty Seven Naira (N87) per litre pump price, which is said would be effective from twelve (12) midnight Sunday, 18th of January 2015. Well, we Nigerians will confirm that from today, Monday, Jan 19th. See the statement by the petroleum minister Diezani Alison-Madueke below...

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 Resources