The Federal Government of Nigeria has announced the reduction of the fuel price of petrol from N97 per litre to N87 per litre. The Minister of Petroleum Resources, Diezani Alison-Madueke, said this at a press conference that the new price regime would take effect immediately. Madueke said the N10 reduction in fuel price was necessitated by the reduction in crude oil prices in the international market.
In a related development, the Nigerian National Petroleum Corporation (NNPC) has initiated a scheme aimed at getting kerosene to consumers across the country at the regulated price of N50 per litre. This is contained in a statement issued on Sunday in Abuja by the Group General Manager, Group Public Affairs Division, of the corporation, Mr Ohi Alegbe.
It said the scheme ‘Kero Correct’ initiative’ was also aimed at cutting off the several layers of middlemen who made it difficult for the end user to enjoy the subsidy on the product.