The Federal Government has announced N10 reduction in the price of Premium Motor Spirit (PMS), also known as petrol, from N97 to N87 per litre.
The Minister of Petroleum, Mrs Diezani Allison-Madueke, made this known to State House correspondents on Sunday in Abuja.
She said the Petroleum Product Price Regulatory Agency (PPPRA) had already been directed to immediately effect the new change from midnight on Sunday 18.
According to her, the change is in view of recent reduction in the global price of crude oil.
‘‘In line with Section 6 Clause 1 of the Petroleum Act, that it is my responsibility as the Minister of Petroleum to announce that there will be a reduction in the pump price of petroleum by N10, therefore the reduction will be from N97 per litre to N87 per litre, effective as of midnight Sunday, January 18, 2015.
‘‘In line with this I have directed the Petroleum Product Pricing Regulatory Agency and the Directorate of Petroleum Resources to ensure there is strict adherence to this new pricing regime as soon as it takes effect from midnight Sunday January 18, 2015.
‘‘I do hope the entire country will benefit immensely from this reduction in the pump price of petroleum,’’ she said.
The Minister reassured that government would continue to ensure that the volatility in the oil market did not destabilise the reduction in price, saying that ‘‘we think it’s safe to implement it at this time”.