Following the drop in the price of crude oil in the global market, the Federal Government has announced a reduction in the price of Premium Motor Spirit, PMS, commonly called petrol in Nigeria.
The product has been sold for N97 since 2012 when President Goodluck Jonathan announced the removal of subsidy from petrol. The announcement caused a nationwide protest back then, which brought down the economy of the country.
The Minister of Petroleum, Diezani Allison-Madueke, on Sunday, disclosed that the FG has ordered the immediate reduction in the price of the commodity nationwide from N97 to N87.
She explained that the drop in the international price of crude oil is responsible for the action. Crude oil has gone below $50 per barrel as against the over $100 it used to go for.
Nigeria is a major exporter of crude oil.