Press release from the recent fuel price reduction

Here is a press release on the recent
fuel price reduction

"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
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