Nigerian Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, announced a slash in the pump price of PMS yesterday from N97/litre to N87/litre. In her own words:
“..with the approval and directive of Mr. President and by virtue of Section 6 clause 1 of the Nigerian Petroleum Act, it is my responsibility as Minister of Petroleum Resources to hereby announce a reduction in the pump price of Premium Motor Spirit (Petrol) from N97 per litre pump price down to N87 per litre pump price, effective from twelve (12) midnight Sunday, 18th of January 2015.”
Nigerians have reacted to the news with a mixture of joy and detachment. While some are happy about the cut, others are of the opinion that it is a politically-motivated move to score the incumbent President points in his re-election bid. The 2015 presidential election is less than a month away from now.
Global oil prices have fallen sharply over the past seven months, now dipping below $50 per barrel from over $100 per barrel that was the norm for years. Some are of the opinion that a petrol price slash in Nigeria should reflect the huge fall and not just a N10 reduction.