The Federal Government on Sunday announced a reduction in the pump price of petrol by N10 from N97 to N87 per litre.
The Minister of Petroleum Resources, Mrs.
Diezani Alison-Madueke, announced the reduction while briefing State
House correspondents at the Presidential Villa, Abuja.
Alison-Madueke said the reduction, which
took immediate effect, was because of the recent drastic fall in the
prices of crude oil in the international market.
The minister further directed the
Petroleum Products Pricing Regulatory Agency and the Directorate of
Petroleum Resources to immediately effect the change.
The minister said the Federal Government
had been watching events carefully in the last two weeks to ensure that
volatility did not destabilise the reduction in price.
She said the government had found it safe to implement the reduction at this time. ...Punch
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