Nigeria Reduces Price Of Petrol To 87 Naira


Nigeria’s Minister of Petroleum Allison Madueke has announced the reduction in the Pump Price of Petrol from 97 to 87 Naira per liter..
Following the slide in oil prices the Federal government had been criticised for maintaing the initial 97 naira. Presidential Spokesman Dr Reuben Abati in a tweet said, “Petroleum Minister Alison-Madueke announces a N10 reduction in pump price of petrol from N97 per litre to N87 per litre effective midnight“..

The Minister of Petroleum Resources, Diezani Alison-Madueke, said at an ongoing press conference that the new price regime would take effect immediately.
Mrs. Alison-Madueke said the N10 reduction in fuel price was necessitated by the reduction in crude oil prices in the international market.
The new measure is a reversal of government’s policy on the matter. The Minister of Finance, Ngozi Okonjo-Iweala, had insisted on December 17 that Nigeria would not reduce the pump price of fuel despite falling oil prices at the international market, until the revenue crisis occasioned by the dwindling oil rates is over.
Mrs. Okonjo-Iweala said at the time that the decision to review fuel price either upwards or downwards would only be taken after the current crisis in global oil prices had been settled.
The reduction of price of petroleum product is the first since late President Umaru Yar’adua reduced the price of PMS on assumption office as President in 2007 following Obasanjo’s exit in office..

Comments

Post a Comment

Popular posts from this blog

Nigeria’s COVID-19 Response and Post-Lockdown By ANAP Foundation

Image
The unprecedented global COVID-19 pandemic is changing the face of human society and its systems, from healthcare to education, consumption patterns, the world of work, value systems, political regimes and legal systems. The condition was first reported in Nigeria in February 2020, and within a few weeks of its onset, we had entered the community transmission phase. Today, there are more than 16,000 confirmed cases of COVID-19 across 35 States and the FCT, and over 400 deaths and counting. How Nigeria recovers from the effects of the infection will depend on the innovations we are willing to introduce and the reforms we are committed to implementing in the various sectors of our society.
Read more

Before We #EndSARS… By Jude Ndukwe

Image
There has been an ongoing campaign by some Nigerians calling for the scrapping of the Special Anti-Robbery Squad, SARS, a unit in the Nigeria Police Force. This call is being ignited by a plethora of complaints against men and officers of the special unit. Such complaints range from torture, its use by some powerful citizens to settle their scores against lesser mortals, unprovoked brutalization of innocent citizens, summary execution of suspects etc.
Read more

Why We Must Implement Diaspora Voting System By Hon. Alex Obi-Osuala

Image
Diaspora votes must count in Nigeria. This is my position/opinion. If not because of the dubious nature of the officials in the government of Nigeria, one does not see any reason why Nigerians in Diaspora shouldn’t be voting as done in most countries of the world. Their votes would have been making a great difference, and give them a sense of belonging and participation in the affairs of the nation.
Read more