The President in a nationwide broadcast announced a petrol pump price reduction to N97 per litre which is N44 less than N141 announced by the PPPRA on the New Year and N32 higher than N65, the pre-subsidy removal price.
In his words; “Government will continue to pursue full deregulation of the downstream petroleum sector. However, given the hardships being suffered by Nigerians, and after due consideration and consultations with state governors and the leadership of the National Assembly, government has approved the reduction of the pump price of petrol to N97 per litre. The Petroleum Products Pricing Regulatory Agency (PPPRA) has been directed to ensure compliance with this new pump price”.
He also added that his government is working hard to reduce recurrent expenditure in line with current realities and to cut down on the cost of governance and that his government has commenced the implementation of the Subsidy Reinvestment and Empowerment (SURE) projects which includes federal government assisted mass transit programme, which he said was already in place, and job creation for the youth.
President Goodluck Jonathan urged Nigerians to show understanding for the imperatives of petrol pump price adjustment and to give his government our full support.