The Nigerian government has announced a reduction in the fuel price of petrol from N97 per litre to N87 per litre.
The Minister of Petroleum Resources, Diezani Alison-Madueke, said at an ongoing press conference at the presidential villa, Abuja, 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 new measure is a reversal of government’s policy on the matter.
The Minister of Finance, Ngozi Okonjo-Iweala, had insisted on December 17 that Nigeria would not reduce the pump price of fuel despite falling oil prices at the international market, until the revenue crisis occasioned by the dwindling oil rates is over.
Mrs. Okonjo-Iweala said at the time that the decision to review fuel price either upwards or downwards would only be taken after the current crisis in global oil prices had been settled.
The Trade Union Congress [TUC] had earlier on January 5 asked the government to take advantage of the falling oil prices to reduce retail prices of petroleum products.
The TUC had argued that the best time to review the retail pump price of petrol was now, in line with the argument put forward by government in 2012 when the price was adjusted from N70 per litre to N97.
