President Goodluck Jonathan’s administration on Sunday announced a 10 naira reduction in the pump price of petrol.
The administration becomes the second in Nigeria’a history to reduce pump price of petrol after late Yar’Adua administration reduced Petrol pump price from 70 naira to 65 naira.
The Minister of Petroleum Resources, Diezani Alison-Madueke, announced at a late night press conference that the reduction of the fuel price of petrol from N97 per litre to N87 per litre.
She added 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 pump price in petrol was increased N140 per liter from N65 and later reduced to NN97 after a week of protest by Organised labour and Civil Society Groups
Nigeria is set to conduct general elections in February.