Nigerian government reduces price of gasoline, petrol now N87 per liter

The president of the country GEJ has approved the reduction in price of gasoline from N97 to N87/ $0.52 to $0.47 per liter. This announcement is generally view as  political in other to win the hearts of Nigerian that have already lost their foot hold present administration of president GEJ.

The news of the reduction was broken out by Diezani Alison-Madueke to journalist in the State House

“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.)
Minister of Petroleum Resources

source: saharareporters.com