The Federal Govern­ment yesterday, an­nounced the reduc­tion of the pump price of Petroleum Spirit (PMS) to N87.00 per litre with effect from last midnight.

The percentage change be­tween the old and new price is about 10.30per cent.

Already, the Petro­leum Product Price Regula­tory Agency (PPPRA) has been directed to immediately effect the new change.

Briefing State House cor­respondents, the Minister of Petroleum, Dieziani Alison- Madueke, explained that the change was in view of recent reduction in the global price of crude oil.

She said: “We think it’s actually time to reduce the price we have been watching very carefully for the last two weeks to ensure that the vola­tility did not destabilise this particular reduction in price and we think it is safe to im­plement it at this time.

“As you may be aware, there has been a lot of vola­tility in price of petroleum product particularly crude oil over the last few months. In­variably, this has meant that the price of the product in Nigeria has also been greatly impacted.

“It is as a result of this, un­der the approval and directive of Mr. President and in line with Section 6 Clause 1 of the Petroleum Act, that it is my responsibility as the Minister of Petroleum to announce that there will be a reduction in the pump price of petroleum (primium motor spirit) by N10. Therefore, the reduction will be from N97 per liter to N87 per liter effective as of midnight Sunday, January 18, 2015.”

Consequently, the minis­ter directed the Petroleum Product Pricing Regulatory Agency “PPPRA )and the Directorate of Petroleum Re­sources to, “ensure there is strict adherence to this new pricing regime as soon as it takes effect.”

From THE SUN