President Goodluck Jonathan on Sunday approved reduction in the price of petrol from N97 to N87 per litre .
The announcement follows the agitation of many, including the opposition All Progressives Congress, for a reduction in the pump price of the product on account of the sliding price of oil on the international market.
Minister of Petroleum Resources, Diezani Alison-Madueke broke the news to journalists at the State House.
A statement issued by the minister said the reduction was on account of the impact of the volatility of the prices of crude oil on the country's importation of the product.
Here is the full text of the statement
Asyou may be aware, As 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.