The Minister of Petroleum, Mrs Diezani Allison Madueke today announced a reduction in the pump price of Premium Motor Spirit (PMS) from N97 per litre to N87 per litre.
The reduction is coming after immense pressure on the Federal Government by the opposition party as well as other commentators to reduce the pump price of fuel following the global drop in the price of crude oil.
Before now, all other members of OPEC had effected a reduction in pump prices and even the U.S.A, a non OPEC member experienced a drastic reduction in the price of gasoline.
The federal government is sure to receive a lot of flak as to the timing of the reduction and speculators are quickly calling it election time tactics.
The reduction in the global price of crude oil is a phenomenon which has occurred since June and people are sure to ask why the reduction is coming now.
The price change is to be effected immediately.