Nigerian Government Lowers Oil Price Ahead of Presidential Vote

imagePresident Goodluck Jonathan has approved reduction in the price of gasoline from N97 ($0.52) to N87 ($0.47) per liter .
The announcement, generally perceived as a political stunt, meant that Nigerians will pay less per gallon of gasoline.
Nigeria’s minister of petroleum resources, Diezani Alison-Madueke broke the news to journalists at the State House.
Below is the full statement from Nigeria’s Petroleum minister:
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.

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