Fuel Price Reduced By N10

Fuel Price Reduced By N10

In a rather shocking move, the Federal Government has announced the reduction of fuel from N97 per litre to N87 per litre.

According to Premium Times, the announcement was made by Minister of Petroleum Resources, Diezani Alison-Madueke, at an ongoing press conference at the Presidential Villa, Abuja. Mrs. Alison-Madueke also said the N10 reduction in fuel price was necessitated by the reduction in crude oil prices in the international market.

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The Minister of Finance, Ngozi Okonjo-Iweala, had insisted on December 17, 2014 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.

The All Progressives Congress (APC) Presidential Candidate, Gen. Muhammadu Buhari (rtd) recently asked the government to “stop stealing from Nigerians and allow them enjoy the relief that has come to consumers of petroleum products globally”.

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The APC candidate had said, “The price of diesel which has been deregulated since 2009 still sells at the pump price of N150 and N170 per litre, the same pump price when the international benchmark per barrel of crude was over $100. Now that the international benchmark has dropped to $47.5 (USD) per barrel as at Monday, we ask: where is the deregulation and the relief which it ought to bring to local consumers of diesel?

The news will come as relief for Nigerians who had had to see different organisations go on strike for different reasons ever since the fuel subsidy was removed in early 2012

Source: Legit.ng

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