The Manufacturers’ Association of Nigeria (MAN), Ogun State Chapter, on Monday commended the Federal Government for reducing the price of petrol from N97 per litre to N87 per litre.
The President of the association, Mr Wale Adegbite, gave the commendation in an interview with the News Agency of Nigeria (NAN) in Ota.
NAN reports that the Minister of Petroleum, Mrs Diezani Alison-Madueke, had on Sunday in Abuja announced a reduction in the price of petrol from N97 per litre to N87 per litre.
“The reduction in the price of petrol would make Nigerians to have more money in their pockets to spend on goods and services.
“They will spend less in fueling their cars and generators,“ Adegbite said.
He said that this would also reduce the cost of transporting goods and services from one part of the country to the other.
Adegbite said that the price reduction would impact more significantly on the manufacturers, if the price of diesel could also be reduced by the government.
“The manufacturers make use of diesel more than petrol in generating power for their daily operation,“ he said.
Adegbite said that there was need for the Federal Government to investigate why the price of diesel has not come down after it was deregulated.
He urged the Federal Government to intensify efforts in achieving accountability and transparency in the oil sector.