- The APC national chairman, Oshiomhole, has hailed President Buhari for reducing the pump price of petrol
- Oshiomhole said the petrol price reduction also shows that the Buhari administration is compassionate and progressive-minded
- President Buhari had earlier approved the reduction of petrol price from N145 to N125 follow the crash in oil prices
The national chairman of the All Progressives Congress, Comrade Adams Oshiomhole, has commended President Muhammadu Buhari for approving a reduction in the pump price of petrol from N145 to N125 per litre.
Oshiomhole through a statement by his media aide Simon Ebegbulem described the president’s decision proved that the Buhari-led APC government is progressive-minded.
He said the petrol price reduction also shows that the Buhari administration is compassionate in its effort to align with the current global economic realities caused by the fall in crude oil prices.
“On behalf of the National Working Committee of our great party, the APC, I commend our dear President, Muhammadu Buhari, GCFR, on his decision, which received the approval of the Federal Executive Council (FEC), to reduce the pump price of petrol from N145 to N125 per litre," he said.
Oshiomhole claimed the Buhari administration's decision to reduce the petrol price after the crash in the oil prices is unprecedented, alleging that previous administrations did not take such action when oil prices crashed in the past.
“We doff our hat to all members of the President’s team in the FEC for thinking this decision through and quickly announcing it to palliate the burden that the crash would have had on Nigerians if this decision had not been taken to reduce fuel pump price to N125 per litre," the APC national chairman said.
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Earlier, Legit.ng reported that President Buhari approved the reduction in the pump price of premium motor spirit from N145 per litre to about N125.
The state minister for petroleum resources, Timipre Sylva, has confirmed the development in a statement released in Abuja.
The state minister had earlier said the Petroleum Products Pricing Regulatory Agency (PPPRA ) would make the new templates known.
Sylva attributed the reduction in price to the decline in the prices of crude oil.
The Ministry of Petroleum later released an update that the new price of petrol following the slash in the prices of crude oil will be N125.
The federal government had earlier promised that it was working to provide alternative petrol for Nigerians that will cost between N95 to N97 per litre.
Sylva told reporters in Abuja on Thursday, January 16, that the alternative petrol will be provided using the compressed natural gas (CNG).
The minister made the disclosure when asked whether the government was going to reduce the pump prices of petrol to make it more affordable.
He said the CNG fuel has undergone a pilot project in Benin City where over 10,000 vehicles are already running on it. Sylva noted that with CNG the cost of fuel will reduce to about N95 per litre.
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