Breaking News! Nigeria's pump price of petrol now N87 per litre from N97!

ABUJA- The Federal Government of Nigeria had on Sunday 18th, 2015 made a reduction of the pump price of petrol to N87/litre from N97 per litre.

Mrs. Diezani Alison-Madueke, Minister of Petroleum Resources, said the new pump price will take effect from 12:00am on Monday.

In a statement gathered from her at the State house yesterday to Journalists at the press briefing, she said ''As you may be aware, there has been a lot of volatility in the oil market in the past few months and due to this the importation prices of our petroleum products have been impacted.
Therefore, 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 Petroleum Motor Spirit (Petrol) from the current Ninety Seven Naira (=N=97) per litre pump price down to Eighty Seven Naira (=N87=) per litre pump price, effective from twelve (12) midnight Sunday, 18th of January 2015.
Accordingly, I have directed the Petroleum Products Pricing Regulatory Agency (PPPRA) and the Department of Petroleum Resources (DPR) to ensure strict compliance of this price adjustment by all marketing companies.
It is my hope that all Nigerians will benefit from this adjustment.  I thank you and God Bless you all''.
Diezani Alison-Madueke (Mrs.)
Minister of Petroleum Resources

Hmmm... something smells, wondering why now just days after Buhari calls on FG to implement reduction on fuel price? even few weeks to Elections.