Contrary to earlier stand that by the Federal Government that it would not reduce the pump price of fuel, the country has cut the price by N10.
Minister of Petroleum Resources, Diezani Alison-Madueke, who announced the reduction Sunday, said the new price for Premium Motor Spirits, known as petrol will be N87 per Litre as against the N97 per litre it used to be.
The new price takes effect from midnight Sunday January 18.
According to Madueke, the reduction became necessary following the global reduction in crude oil prices
It would be recalled that the Minister had insisted a month ago that the Country would not reduce pump price until the revenue crisis was over.
The current reduction came 24-hours after the Organization of the Petroleum Exporting Countries –OPEC, issued a report that downgraded demand for its crude for 2015.
The report by which was prepared by OPEC’s economists at its headquarters in Vienna said that demand for OPEC crude would be 28.8 million barrels a day in the first half of this year.