Economy: Fuel price now 87 naira per litre

Nigerian Government Reduces Price
Of Gasoline, Petrol Now N87 Per Liter
President Goodluck Jonathan of Nigeria last night approved reduction in the price of gasoline from N97 ($0.52) to N87 ($0.47) per liter . The announcement, generally perceived as a political stunt, meant that Nigerians will pay less per gallon
of gasoline. Nigeria’s minister of petroleum
resources, Diezani Alison-Madueke broke the news to journalists at the State House.
President Goodluck Jonathan of Nigeria last night approved reduction in the price of gasoline from N97 ($0.52) to N87 ($0.47) per liter .

The announcement, generally perceived as a political stunt, meant that Nigerians will pay less per gallon of gasoline.
Nigeria’s minister of petroleum resources, Diezani Alison-Madueke broke the news to journalists at the State House

Below is the full statement from Nigeria's Petroleum minister:

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

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