Nigerian government reduces fuel price

Petroleum Minister, Diezani Alison Madueke

The Nigerian government has announced a reduction in the fuel price of petrol from N97 per litre to N87 per litre.

The Minister of Petroleum Resources, Diezani Alison-Madueke, said at a press conference at the presidential villa, Abuja, on Sunday that the new price regime would take effect at midnight today.

Mrs. Alison-Madueke said the N10 reduction in fuel price was necessitated by the reduction in crude oil prices in the international market.

The Petroleum Product Pricing Regulatory Agency [PPPRA] and the Department of Petroleum Resources [DPR] have been asked to enforce strict compliance with the new pricing regime as soon as it becomes effective, the minister said.

The new measure is a reversal of government’s policy on the matter.

The Minister of Finance, Ngozi Okonjo-Iweala, had insisted on December 17 that Nigeria would  not reduce the pump price of fuel despite falling oil prices at the international market, until the revenue crisis occasioned by the dwindling oil rates is over.

Mrs. Okonjo-Iweala said at the time that the decision to review fuel price either upwards or downwards would only be taken after the current crisis in global oil prices had been settled.

But five days ago, on December 13, the presidential candidate of the All Progressives Congress, APC, Muhammadu Buhari, called on the government to implement immediate price reduction on fuel products to reflect the downscaling in global oil prices.

Speaking through his campaign organization, the All Progressives Congress Presidential Campaign Council, Mr. Buhari asked the government to “stop stealing from Nigerians and allow them enjoy the relief that has come to consumers of petroleum products globally”.

The APC candidate had said, “The price of diesel which has been deregulated since 2009 still sells at the pump price of N150 and N170 per litre, the same pump price when the international benchmark per barrel of crude was over $100. Now that the international benchmark has dropped to $47.5 (USD) per barrel as at Monday, we ask: where is the deregulation and the relief which it ought to bring to local consumers of diesel?

“For the Nigerian consumers, unfortunately the collapse of crude oil price since October 2014 has not translated into any change in diesel, kerosene and PMS prices across the country.

“We challenge the federal government to reconcile the information on the website of the Petroleum Products Pricing and Regulatory Agency, indicating the maximum open market price of diesel per litre in December 2014 as being at N111.6 and the fact that the price has come down to less than $50 (USD) as at Monday.

“We want to posit that that the maximum indicative benchmark open consumers of diesel should pay is at a margin below N100 per litre. Therefore, Nigerians are being short-changed by about N50 to N70 on every litre of diesel sold by government.”

The Trade Union Congress [TUC] had earlier on January 5 asked the government  to take advantage of the falling oil prices to reduce retail prices of petroleum products.

The TUC had argued that the best time to review the retail pump price of petrol was now, in line with the argument put forward by government in 2012 when the price was adjusted from N70 per litre to N97.


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  • yemi

    The first ever decision in the GEJ administration that favours the common nigerian man coming less than a month to elections. WOW

    • ola

      Pls don’t be deceive by this price reduction, gej is desperating looking for vote, even if he declares free fuel from now on I will not cast my vote for him.

  • Lorgic

    Good move indeed!!! But I’m not fooled by this pre-election antic. And how will compliance be ensured nationwide??? Even if GEJ/DPR reduced fuel price to N65, I will still not vote for GEJ next month.

  • paul eneke

    ok now! we thank you for that,oya,the other one nko? the 20 billion dollars now.Nna,na small small we go dey collect our rights back from these morons,we still wont vote for you o.I ave promised most of you will spend your next birthday in kirikiri. IJN.

  • Mazi

    Thank God for opposition, Imagine what would become of Nigeria, if APC as opposition is not around. Opposition is the secret why most European countries are getting it right. The earlier we know that opposition make democracy thick, the better we appreciate APC. Kudos to FG, Kudos APC and thank you GEJ

    I hope most pump station will adjust their meter right away? cos if the FG increase pump price, they will adjust it right away before the announcement.

    • yemi

      Well said. If there is any good thing that will come out of GEJs administration, it is the fact that its weakness has indirectly created a strong opposition and hence a better democracy

  • Samuel Durotimi

    This will still not make me vote for GEJ. I like the fact that APC challenged PDP on the oil prices. Nothing may have been done otherwise. Maybe these pre-election “bants” should continue for a little longer.

    • Ashibogu

      The power of incumbency! The ordinary Nigerian will feel it. Fares will drop. Season of politics! If they reduce the price of Kerosene, Buhari is finished!

      • yemi

        Only the gullible will fall to such tactics.

      • Guest

        You think so? That price is too high. Should be around 50 naira only.

  • Dozie

    Not enough. The fair price should be less than 87 Naira.

  • pheliciti

    The CHANGE has started. Buhari has made this govt comply with instructions without a strike and without noise. Buhari is the man for our time!

  • victo amadi

    N65 else you’ll goto jail after the elections Mr. Ebele.

  • Aminulahi Aminu

    10 naira
    Would not make any difference, expecially in the transportation sectors.

  • Olusola

    At least they are taking orders from Buhari. They have given up!

  • Dumbo

    Thieves, they were busy stealing from Nigerian before Buhari had to call them to order to reduce the pump price. If Buhari had not spoken, they would have continued to reap us off. We really have thieves (Ngozi & Deziani the biggest) as our leaders who are insensitive to the common man. They need to be voted out asap.

    • Jon Rhoma

      With abuse and name calling like this good people will be scared to take govt appointments. Govt job is thankless job so please take it easy. You may one day find yourself there and know how it feels at the top. The higher you go the cooler it becomes.

      • Dumbo

        Good people as you mentioned who don’t steal are never afraid to take Govt. appointment except your likes. What better name do you want to call a thief? are they not thieves? No wonder GEJ said corruption is mere stealing and people like you endorse it. What a shame. You people are all the same. If you dont want to be called thief, don’t steal, simple. Cant we have a free society without thieves or some tribal bigots defending them?

        • Jon Rhoma

          Show me Puritan a country in the world where these things don’t happen? I was only advising you to moderate your language but as you misunderstood me sorry. I’m only saying that some people may not be “thieves” to borrow your gutter language but yet been mislabelled as such. For all your purity, where is the evidence. I bet you’re only envious and believe you will do worse if given the opportunity.

  • Dumbo

    They should also account for the ones they have stolen from Nigerian for the past months when the price of oil began to drop. They can’t go scott free.

  • Nnewi Man

    See politics of sudden death,Gej na lie if you like give me free fuel for 100years I won’t change my mind from GMB,all we want is complete change,up APC.

  • Nwokolo

    The fear of Buharism is the beginning of wisdom. We will still send those that have short-changed us from October 2014 to KIRIKIRI when we audit the accounts after the handing over. KPISH!
    Congratulations GMB/Osinbajo, Congratulations APC, Congratulations Nigeria

  • Gotlieb Adebayo

    Premium times is so sold out and biased,what has Buhari got to do with the price reduction,do you know how much pressure men like us have put on the presidency,please give dues to whom dues is entitled to..abi ema wo awon people yi sha

    • yemi

      “what has Buhari got to do with the price reduction”. If there was no credible threat to lose the election we both know the price will not be reduced, even if the entire 170 million people shout. Hence the buhari connection. Same logic with GEJ visit to Borno

      • Gotlieb Adebayo

        I don’t know what bigger threat to losing election than devaluing the Naira,even Oga at the top couldn’t withstand the shock,unfortunately our Zoologist President didn’t read economist,so he put the cart before the horse,at least now he is putting the horse before the cart,we should encourage him

        • yemi

          Is he a kid that needs to be encouraged to make obvious decisions? Is your expectations of a leader that low?

          • Gotlieb Adebayo

            he is no kid quite alright,but why are you all praising Buhari for another man’s decision

        • yemi

          …..and before I forget, devaluation of naira is not only bad politically but also bad economically. So your logic does not work. It is not a bitter pill situation

          • growthengine

            How can you avoid devaluing the Naira when your inflow of USD has become lower than your outflow. Soon enough you will have no dollars. To reduce your outflow and get more Naira to pay salaries, you devalue to get more Naira for less dollars. Do you understand. It has been happening several times over the last 3 decades with different CBN governors because we depend on Oil dollars to run our economy, so we ride the wave up and down.

          • yemi

            Non-Payment of salary has nothing to do with currency devaluation. Salaries are not paid because the money has been diverted, and not because of exchange rate. I do understand your logic. CBN should never devalue the naira. Period. Nigeria is a high import country, therefore currency devaluation leads to inflation. That means the salary will have no value even when paid. Devaluation only works for countries with high export to import ratio, like china, russia. But not nigeria. Its tricky to understand. just think about it

          • growthengine

            Nigeria’s budget is 70% Salaries check it. State Budgets are no different. Income is equally 70-80% Petrodollars including royalties and taxes, based on the price and volume of crude oil. If the income of dollars drops, as it has, where else will they get money to implement the largely salary budget. Since the salary is in Naira, the only thing left to do is to devalue the reduced dollar income to get the same Naira you need to maintain the budget. Do you understand, I think I made it a bit easier now. Mind you the savings is also being depleted due to the falling oil price, so you have to choose between depleting your savings and or devaluing the naira. Either way you will do it one day, unless the Oil prices come back up or we find other means of income,

          • yemi

            hehe. You were understood the first time. And wrong again. The illusion of a very high salary percentage in the nigerian budget is just to feed the upper corrupt 1% in government. Civil servants constitute less than 2% of the 174 millions people. Don’t forget 25% goes to National Assembly alone. Devaluation is not the solution. Devaluation only works in a high export country which nigeria is not. Devaluing to pay salary is just a scam. Its like refunding stolen property to owners while deliberately allowing armed robbers to continue to operate. Catch the thieves then you will not need to refund. Plug the excesses of the upper government, then there will be more than enough for everybody.

          • growthengine

            What about Police, Army, Pensioners, Navy, Foreign missions, DSS, are they not being paid with the FG’s share of the money. The 174 million people are not on FG payroll, if they were, then our currency would be worth less than toilet paper. Even your 2% Civil servants alone is 3.5 million people. At an average of N50,000 per head monthly, that’s already N174bn monthly and we all know some earn more than that. We haven’t added the above listed agencies. Instead of us to address our problems honestly with facts, we get sentimental and look for who to blame. I don’t care if Buhari becomes president, but our problems are more than stealing or corruption. Things are upside down in this country because of the way our military leaders in the past put them.

          • yemi

            You forget it is a pyramid. Majority lies at the minimum wage mark. “but our problems are more than stealing or corruption”, now you sound like GEJ. Our problem is not more than corruption, unfortunately. It is our only problem. Contrary to what you think, Nigeria does not have a large civil service workforce, and we have more than enough to pay them. And even if we cannot pay them, devaluation is still not the solution. How about we sell the many presidential jets. You are trying to solve 1 problem by creating 1000 problems. Haba. I think you care if Buhari becomes president. And it is obvious you support GEJ hence the “but our problems are more than stealing or corruption” statement. You dont need to hide this. It is okay if you support GEJ. We are in a democracy

          • growthengine

            GMB becoming president is welcome. My advice to him is to dump the subsidy on day one, and continue to privatize the Power industry, and continue the support this administration gave Agriculture. He should not bring back govt into all this businesses, he should even remove govt more and improve the tax administration of the FG so the FG cn earn more from taxes and allow private sector to run the economy. I want GEJ or GMB to succeed, because if they do, then the nation succeeds and we all do too. I am not the typical Nigerian who runs people down despite the measured successes they have recorded. The only problem this govt has is the Boko Haram problem. It is what has gotten us in the world news negatively. It is the worst thing that can happen to any nation, there are so many theories, but whoever used it as a tool has destroyed some parts of this country beyond repairs. Still tell me how you would pay the salaries with halved dollar income.

          • yemi

            I have told you already. Cut excesses of the top level of government. Retrieve stolen funds. Period. Be careful when you pray for privatization. What we do in nigeria is not privatization. It is just a gimmick to make money. Since power has been partly privatised, how many power stations have you seen being built by private companies? Do not be deceived by cheap lies. Privatization is good only if it is done properly. Doing it properly will require regulations. Regulations is only useful if enforced. Enforcement is only possible without bribery. We are back to corruption again. No matter the effort GEJ puts to good governance, they all will crumble without an effective fight against corruption.

          • growthengine

            Sir, the difference between us and the successful nations of this world is knowledge and technology, corruption we have in common. There are some power generating stations that OBJ built without providing gas supply infrastructure. No one wants to buy those stations, together they will add another 4,000mw to our capacity. That’s money lying waste. Billions of dollars. New stations just sitting there. This govt gave the power industry more direction than any other govt in our history. Any new govt just needs to add to it sensibly. How many govt people steal the kind of money I calculated as civil servants salary monthly. No amount of stealing or corruption comes near those figures, and everyyone is paid every month. Even if they sell all the jets, it will not cover 1 month salary, mind you thats $1bn monthly, without adding the Military and Police, I used your 2%, but I think it is more. You haven’t refuted the 70% salary budget, you just called it a scam. Why not verify instead of just dismissing. I think it is not fair to judge the way you do. Nigerians do that all the time, judge without facts. Still tell me how you would pay the salaries with half of your normal dollar income.

          • yemi

            So many wrongs, where do i start. No we don’t have corruption in common. That is just absurd. Their corruption is a cup of water, ours is the atlantic ocean. “This govt gave the power industry more direction than any other govt in our history.” Story for the small gods. I am not seeing electricity in my house. GEJ has been there for 8 years (VP included). You said OBJ built, i have not seen them o. Which 1 has GEJ built? My brother, collectively, from local government to Presidency, they steal almost the entire budget. If our budget sinks into the society truly for the past 8 years, Nigeria will be at least like Malaysia. Stop peddling this 70% scam. if you remove what the upper 1% of government collects, it will drop drastically.

            Your subtle nature to twist the truth is sad. To suggest corruption is at par with successful nations is rather unfortunate. It is either you are a paid goon, or you just blindly choose to be selectively ignorant. We don’t need failure apologist who try to find the good in the bad. Enough of this your pro GEJ rants. Like many, I was a pro GEJ as at 2011. It did not take me long to accept my delusion. It took some longer. You are still in the “i have no shoe”, “i have a PHD” deception. Wake up. Get out of your bias. Our previous leader all failed. GEJ is no exception. And in my opinion, GEJ is even amongst the worst if not the very worst.

          • growthengine

            I am talking about our budget and our salaries here, the minimum wage was signed before GEJ. These figures will still be there after GEJ leaves whether 2015 or 2019. You are skirting the issue. How will you pay the salaries, no more long talk. You already judged me, convicted me and sentenced me. Just tell me how you would share the oil income that is reduced with a 70% salary budget. You keep dismissing these facts that have nothing to do with politics. We are talking about our money management here.

          • yemi

            You have been told many times. You just don’t want to hear the truth. Let me copy and paste:

            “I have told you already. Cut excesses of the top level of government. Retrieve stolen funds. Period.”

            “Stop peddling this 70% scam. if you remove what the upper 1% of government collects, it will drop drastically.”

            “And even if we cannot pay them, devaluation is still not the solution.”……Cut their numbers, most do nothing anyway. Devaluation does not work ooooooooo for a country like nigeria. Even if it appears to solve the salary problem.

          • growthengine

            That will not work. You have not proved that 1% of govt will be able to pay the civil servants and our military and police. You have not been able to disprove that our budget is 70% salary, which it is from available statistics. How do you want to cut the numbers without sacking them, just like the subsidy protests, the nation will be shut down again for 2 weeks and we get back to where we started. The legislooters are paid as per the constitution, how do you change that, only if yo lock them out and pass new laws cutting their pay. You are subtly agreeing that we have other problems, some which a democratically elected govt will find hard to solve. The power plants I spoke about are real, they are lying idle, go to the BPE website, you will find them, no one will buy them. Why do you want GEJ to build more plants when the idea is to go private, there is enough headache trying to make the ones built by OBJ work in the first place. You all just judge, without substance. If you get closer to govt, any govt, LASG or FG, you will just shake your head when you see the truth.

          • yemi

            Am tired. I can’t argue with lies.

          • Mique3

            I disagree very much with you sir. Jonathan has not been in power for 8 years. I cannot imagine you giving credit to Jonathan as veepee if the Yaradua government had been a smash success. Rate him on his 6 years. For me, his 6 years record failure in Security, make no mistake about it. Even at that, though not in any way excusing him because he signed up for the job of C in C, we know that the fight against Boko Haram has not enjoyed the same energy from Ngierians as the Nigerian Civil War. The venerable Achebe has been loud in saying so. Biafra lost because the rest of Nigeria was absolute, ostensibly against them. The war raged, casusalties on both sides, but “Nigeria” won. Even the “hunger is a weapon of war” credited to Awolowo, was a major game changer. Fast-forward to 2014 and see the difference in attitude towards Boko Haram uprising. There has been debilitating incompetence on the part of the Nigerian government, no doubt. But, it is still a case of we reaping what we sowed as a nation. When Buhari said blood would flow if he lost, when northern governors were accusing the Federal government of genocide, what do you expect?

            To say, however, that all other sectors are failures for this government will not score with me. Least is the power sector.

          • Gotlieb Adebayo

            It is bad ec onomically if the right decision is taken at the right time,it would lead to the total depletion of the reserves,i remeber SLS asking Nigeria to do the right thing and deregulate the downstream sector,everybody says is mouth is smelling

        • Niyi Akinlabu

          These arguments don’t sound plausible even to you anymore.

    • Owambe

      Did you speak out when it mattered Adebayo? Only Buhari did, hence the credit . Go siddon jare… Meanwhile, tell PT who you are so they can use that when updating.

      • Gotlieb Adebayo

        Wetin concern me concern PT,well i got to advice the President,if he like he take,if he like he leave,but right now he has made a good decision,rather than praise him and be thankful we are given honor to whom honor is not due.We are so emotionally mean in this country

        • growthengine

          Are you minding our people. If and when GMB comes there they will realize that the past govt was better, or not worse. Hindsight is cheap, but foresight is worth more than Gold. My greatest desire will be for this govt to hands off petroleum products pricing and control. Allow market forces and investment to flow in, then we can all enjoy the roller coaster ride of prices.

          • Gotlieb Adebayo

            I like your options,the best way to fight corruption is simply allow free market,and that would start with the deregulation of the downstream sector,i am very sure a litre should go for as low as 60 Naira if we deregulated,that way i can fuel my gen for one month and tell phcn to go to hell

        • Niyi Akinlabu

          Praise him for doing his work? Worse still phlegmatically? When was the last time you praised a banker for paying you your money? The traffic warder for passing traffic? PHCN for giving light? You pay them to do these. You don’t say thank you. You just pay BILLS!
          So much is wrong with you to have suggested I should praise a man for pocketing a big chunk of my tax and using a tiny part for what it was for.
          Go get paid TEAMDUMBO TROLL!

          • growthengine

            Which tax are you paying to Federal govt, we Nigerians like to make noise, only corporate bodies pay Federal govt tax, go and Hold your state govt for your personal income tax. A lot of companies dodge corporate tax in Nigeria, I bet your local company is no different. Only multinational foreign companies and importers pay tax to Federal govt. Its all about this oil money, every one wants a piece of the damn pie, and if you get there you will not be different from them that are there. Until FG collects taxes from the people directly, they will not feel as responsible. Same goes with the North east, what do they bring to the table. Someone on CNN said they are not priority to America. Be thankful for what you get bro.

          • Niyi Akinlabu

            @growtheshit I didn’t use a darned screen name. Find out who I am and what I do. I pay my taxes, duly. Perhaps that’s why I’m raging against everyone on TEAMDUMBO’s side of this gulf.

          • growthengine

            I repeat shit head, go to your state govt for your personal tax. If you shit head are a company, then you or your company can complain, but still your taxes contribute less than 20% to the largely oil financed Federal and state budget.

          • Mique3

            Hahahhaha. Assistant Chairman, Double Standards Association of Nigeria. Serving under Fashola, the Chairman. Jonathan gets blasted when he doesn’t perform, gets no credit even if he performs. Whichever way, he loses. So much for fairness.

          • Gotlieb Adebayo

            Very funny,anyway i would let this pass

        • kday

          You guys will ignore the elephant in the room even when it’ssitting on your damn head. Buhari called the freaking Dumbo out on the scam against Nigerians and here you are trying to twist it that Dumbo did that on his own. Please clown you are not making any sense. And yes Buhari and APC brought this out in the open so please shut up and enjoy the ride

          • Gotlieb Adebayo

            I don’t have time to reply to senseless rhetorics,that doesn’t make sense,when you are ready to speak some senses,may be i do give you an inform reply

    • Naira

      Government of deceit, who do you want to deceive? Few days to election, you want to bribe us with only N10 per litre. This will not work, we are voting you out to Utuoke. I have presently mobilised more than 1000 youths and we are busy conducting house to house campaign for a change for better future.

      • Gotlieb Adebayo

        I think what you said is totally not fair,this same administration should have waited till after the election before they devalued the Naira,but to my suprise they didn’t do it,the oil price has been trending low lately,and most industry can’t cope with that,it is only fair to observe oil price before taking decision,why are we Nigerian an ungrateful lot,anyway we deserve the leaders we choose,if you all like vote GMB,when reality start to bite i go sit down dey look

        • Naira

          In fact N87 is till too much. Oil is less than $50 per barrel so what are they waiting.

          • Gotlieb Adebayo

            Oga Naira you are definitely right depending on the template you are using,but be aware making drastic reduction would lead to serious economic consequences and even most likely hoarding

          • Naira

            I like your economic analysis how i wish you will kindly join us and be part of economic team of the next president GMB. I know you will bring the hope we are crying for.

          • Gotlieb Adebayo

            I honestly have nothing against GMB,but i can’t support him blindly,i don’t know his economic policy,so i am helpless

          • Niyi Akinlabu

            Where was your allegiance before this reduction? Show us any old post of your’s that would signify you didn’t support Team Dumbo in their initial reluctance to reduce.
            Nothing else swings a man’s position this frequently as money.
            YOU ARE RENO’s TROLL!

          • Gotlieb Adebayo

            your opinion

          • Jon Rhoma

            I know you want it reduced to N0.00 and even then still complain. You win some loose some. That’s the name of the game.

          • Gotlieb Adebayo

            Deregulating the market might help get even lower

  • love.t

    @DUMBOThank my brother for your comment…..You can see how strong opposition party is good in democracy now….that is what the pdp don’t want happen in Nigeria ..they want to turned Nigeria to one party state like Zimbabwe……Nigerians will be liberated come on feb14……..

  • HassanAbdullahi

    20 billion dollars ??? 15 MILLION DOLLARS IN a PRIVATE JET ?????? 10 billion Naira Pension ????? Poor roads ???? Collapsed health and Education ???? PDP MUST gO IN 2015 period !!! If you like increase it 200 Naira we are ready to but

    • IAMNIGERIA

      You forgot the major problem plaguing the country…ISLAM!!!

      • love.t

        Look sir,,i am Yoruba man I am not Christian and not muslim so I don’t do religion I only do Yoruba tradition and culture and I don’t want to dwell in religion stuff here…also I don’t do politics am not a member of pdp or apc….have a good evening sir

        • IAMNIGERIA

          So you are the same person as @HassanAbdullahi:disqus.

      • 99%

        What about armed robbery, baby factory, 419, prostitution, drugs, rituals, kidnapping fake drugs etc that 99% of your people to do survive. Is there any bigger problem or worse crime than that? Am sure you are also a product of baby factory.

        • IAMNIGERIA

          Is there any bigger problem or worse crime than that? 2000 deaths in one village just to push an ideology, what do you think?

      • Dele Bright

        @ My brother:

        Islam is the major problem with Nigeria. All else is secondary.
        Muslims repudiate the constitution holding Nigeria to together.
        Nigerian Muslims then break up national unity in consequence.
        They then split the Nigerian Army into armed religious camps.
        Furthermore, Nigerian Muslims declare themselves SUPERIOR.
        They then import arms to wage war against the national army.
        Along the way they rape, loot and burn all Christian churches.
        To complete the goriness they behead Christians and soldiers.

        • IAMNIGERIA

          My other anger is on the west who cannot even allow them minor security intelligence positions but are teaching us to live together and even stopping us from arms purchase.
          They created this land, you know.
          We have to tell each other the truth as we can never attain success in falsehood.

          • Ola

            Please lets talk about issues and solutions to Nigeria problems. God bless Nigeria.

        • Saj jad

          You are nuts!! You should go to psychiatric or may be you already obtained it. Other wise you will not open your mouth and uttered this rubbish in this time that the Nigerians are crying for help and way out of corruption,insurgency,lack of good roads,lack of good drinking water,insecurity,rubbery both in government level and public,and many more.
          Nigerians has already above the level of tribalism,ethnicity,and religious sentiment,may be you are not around but away in the distanced psychiatric home locked up, that’s why you brought this issue of religious manipulation, coz you don’t know Nigerian stand on it. My advise here is to go back and think of something else. Nigerians want change and change they will get,so save your energy stop barking ashawo.

        • Thepeople

          Dubai is full of Nigerians especially corrupt PDP Suporters and their stolen money. Yet UAE is an Islamic state. Many Nigerians are doing businesss in Indonesia and it is an Islamic State. Nigeria could do better with these type of Islamic states. Above all Nigerians have grown above all these ignorant tribalistic and religious sentiments.

        • kday

          Why not just go ahead and kill al the Muslims since you have no tolerance for their kind as you had said. Am sick and tired of all you mf that never follow the teachings of the Christ and the hol

  • growthengine

    The Petroleum Marketers should reduce the price of diesel. And Jonathan should dump the subsidy. Best time is now.

  • adanna chukwuma

    What a biased piece of journalism? NOI said the it would be difficult to decide on a new price given the high level of volatility in price change, and that based on the way prices were determined they could only be reviewed downward after the price per barrel fell below $60. Easily accessible youtube videos have her making these statements. Shame on Premium Times. There is almost nowhere to get balanced, well-researched information on Nigeria any more. Some lazy bones, sits at a computer, and cranks out stories. Is there even an editor on the team?!!!

    • yemi

      So??? If that is what she said, how does that make sense to you? Pump price in nigeria has never depended on barrel price in nigeria since the gov pays subsidy. That is why the price does not fluctuate with barrel price for the last 30 years. The gov fixes a price and balances with subsidy. So to decide a new price should in principle not be difficult. And i can bet it did not take any economic analysis to get the 87naira mark. Its really just a figure for political gain

      • Mique3

        Help me on this. When barrel price goes way higher than it has been, as it has done several times, does the govvernment call you to help defray the extra cost? Just curious.

        • yemi

          …….hence the subsidy

          • Mique3

            So, why is everyone expecting that at the slightest sign of fall in the prices, the government is dropping pump prices? Does revenue not also drop for the government when oil prices drop?

          • yemi

            The extra money at 97 naira does not go to the federal government. It goes to petroleum marketers who are already being paid in subsidy. The common man on the street loses, Nigerian government loses. Rich oil marketers (GEJ friends) gain.

  • Chris1408

    Reducing by mere N10 is an insult. Most parts of the world reduced fuel price by more than half over three months ago. GEJ administration is insulting Nigerians with this miserly N10.

  • Fido Dido

    I think President Jonathan should also move to reduce the criminal Salary and unsustainable pension and other useless allowances paid to ex-Presidents. Reports indicate that a monthly savings of N1.2b will be made if the pensions of the 7 past presidents is reduced by a quarter. This is necessary because some of them have just refused to d..

    • Mique3

      How will Buhari feed. I heard he has no savings?

  • Sanusi

    Jonathan is a very deceptive person. He can further reduce price of fuel,this does not mean We are giving him our vote.We know very well that petrol marketers will never respect the Government after the huge donations given to the government.

  • becky

    Medicine after death, come FeBuhari, I’m casting my vote for APC gbam!

  • Jon Rhoma

    It’s better late than never. Many people will rejoice at this charitable gesture of the govt.

  • abc

    Eyyah. Madam big eyes it’s too late on this, but not too late for you and madam thick lips to return our $40B b4 FeBuhary.

  • Sumanguru Horop

    Buhari called on the FG to reduce the pump price on 13 Jan 2015 due to the dwindling price of the oil at the world market and we have seen the result This is a testimony of a good government to come..

    • Mique3

      A good one to come or a listening one that is already here. Did Buhari listen to the whole world when they shouted that he should not commit murder by the retroactive decrees he used to execute innocent people in his military government? In better climes, he would be answering charges for murder now.

      • Sumanguru Horop

        Until then

  • Jon Rhoma

    Yes testimony of the spend spend spend and give away govt to come.

  • Truthometer

    Thanks to APC for putting pressure on Dumbo/PDP government to do the right thing. I have never seen any government in the whole wide world, robbing its citizens so badly like Dumbo and his wrecking crew called cabinet. Even though we know that this is just an electoral bait and gimmick, they should move a step further by refunding the poor citizens they’ve robbed over the period of time. Again, N97 per litre to N87 per litre seems not to be conforming with rate the international benchmark has dropped, which is $47.5 (USD) per barrel. Do the needful, Dumbo!

  • Babanie

    God bless Goodluck Jonathan. Amiable president. Nigeria sees your efforts sir. We are behind you. Forward Nigeria. Forward Jonathan

    • Tunsj

      Keep on dreaming my friend. It was APC that came up with this and not your hero, Jonathan.

      • okay

        Some people comment is true pictures of the level of their understanding. A lot learned nothing in their university

  • Umar Dendi

    A Parting gift to the Federal Republic.
    All hail the Chief!!
    We’ll remember you for being the second Nigerian President to reduce the Price of Petroleum.
    Thank You Mr President!

    • BUSHMAN

      I NOTICED A TYPOGRAPHICAL ERROR IN YOUR PIECE.I AM SURE YOU MEANT TO SAY;’ALL HAIL THE THIEF’.

      • Umar Dendi

        LOL

  • boliatepa

    The gesture by the government is a scam. In fact, they now make more money than before the price fall. Here is the math: Oil prices have declined by over 50%. In the USA, the average pump price of gas is less than $2 per gallon (4 liters), from over $4. So, in Nigeria, the price instead of falling from N97 to N49 is now N87. It means the government has in fact pocketed about N38 on top of what should be a normal price. There is no reason to thank the FG, since there is no longer any subsidy; but we must question how much Nigerians now being raped for?

    • Yusuf

      and still making budget with fuel subsidy, SCAMM

  • IS.JESUS.CHRIST.A.CHRISTIAN

    GBAM!!!!!!!!!!!!!!! GBAMGBAM BOM BAM!!!!!!!!!!
    HERE IS OKONJA/GOODLOCK ECONOMY FAKE REBASE AND LARGEST AFRICA’S ECONOMY SLOGAN THAT CHARACTERISED THE GOVERNMENT OF GOODLOCK. INTERNATIONAL FINANCIAL GIANTS ARE ABOUT CHASING GOODLOCK JONATHAN’S ADMINISTRATION AWAY.

    JP Morgan at the weekend said it will assess Nigeria’s suitability to remain in a key emerging currency bond index it manages because of a lack of liquidity in the African country’s foreign exchange and bond markets.

    The bank, which runs the most commonly used emerging debt indexes, said it had placed Nigeria on a negative index watch and would assess its place on the Government Bond Index (GBI-EM) over the next three to five months.

    Removal from the index would force funds tracking it to sell Nigerian bonds from their portfolios, potentially resulting in significant capital outflows.

    This in turn would raise borrowing costs for Africa’s largest economy, although analysts said they did not expect JP Morgan to take such a step.

    The Central Bank of Nigeria (CBN) however denied there was any shortage of liquidity in the currency market, Reuters stated.
    JP Morgan added Nigeria to the widely followed index in 2012, when liquidity was improving, making it only the second African country after South Africa to be included. It added Nigeria’s 2014, 2019, 2022 and 2024 bonds, which make up 1.8 percent of the GBI-EM Global Diversified index.

    • BUSHMAN

      FIGURES AND FACTS ARE SACRED-ANYBODY OUT THERE TO DISPUTE THIS? NGOZI THE ECONOMY REBASER,ARE YOU THERE TO REFUTE ALL THESE? I CAME ACROSS THIS REPORT YESTERDAY AND IT GOT ME THINKING ABOUT ALL THE TALES BEING SPUN BY MADAM NGOZI THAT OUR ECONOMY IS ON FIRM FOOTAGE.THESE FACTS DO NOT SUPPORT THOSE STORIES.THE EXCESS CRUDE ACCOUNT IS DOWN TO JUST ABOUT TWO BILLION DOLLARS.THE DAM IS BURSTING.WHAT THESE FOLKS ARE DOING IS TO HOLD OFF UNTIL AFTER THE ELECTIONS SO THAT THE CAN CONTINUE COVERING UP THE TRUE SITUATION.THE PROBLEM IS THAT NIGERIANS DO NOT HAVE ECONOMIC INTELLIGENCE BEYOND THE MANAGEMENT OF THEIR PERSONAL INCOMES.BUT THE SIGNS ARE THERE THAT WE ARE HAVING A LIQUIDITY CRISIS JUST AS THE J.P.MORGAN REPORT INDICATES.WHAT THE GOVERNMENT IS FERVENTLY PRAYING FOR IS A RISE IN OIL PRICES.THESE FOLKS HAVE BLED THE COUNTRY DRY.THEY HAVE RUN THE COUNTRY AGROUND FOR REASONS BEST KNOWN TO THEM AND IT IS A SHAME THAT THEY STILL YEARN FOR FOUR MORE YEARS TO CONTINUE THEIR HEIST.AN ADAGE SAYS THAT IT IS WHEN THE WIND BLOWS THAT WE SEE THE FOWL’S ANUS.THE OIL CRISIS HAS EXPOSED TO US THE FACT THAT WE HAVE BEEN LIVING ON BORROWED TIME.MEANWHILE,THE GOVERNMENT HAS SAT ON THE REPORTS OF THE FORENSIC AUDIT OF THE NNPC WHICH I AM SURE HAS CONFIRMED THAT INDEED TEN BILLION DOLLARS,IF NOT MORE,HAS GONE MISSING.BY THE WAY,SANUSI STANDS VINDICATED.THAT REPORT WILL NEVER SEE THE LIGHT OF DAY AND I WONDER WHY GENERAL BUHARI IS NOT INSISTING THAT REPORTS OF THE AUDIT BE MADE AVAILABLE TO NIGERIANS. WAOW! SIX YEARS OF GRAND LARCENY;SIX YEARS OF UNBRIDLED CORRUPTION;SIX YEARS OF WASTE;AND THEY HAVE THE TEMERITY TO ASK FOR FOUR MORE YEARS TO CONSOLIDATE THEIR STEALING.LET US SEE HOW IT GOES.

      • TrueNja

        Ngozi is as clueless as her boss. She does not know anything about economy. I doubt her PhD.

  • IS.JESUS.CHRIST.A.CHRISTIAN

    GBAM!!!!!!!!!!!!!!!!!!
    Dear President: You are a fraud and an impostor. You are a public servant of the Federal Republic of Nigeria who is masquerading as an Emperor who considers Nigeria to be his private fiefdom, which he can do with as he pleases. However, you, like every other person living in Nigeria, are required to respect and observe the laws of the country, but you have built your tyrannical empire on a fallacy of impunity. The idea that any public servant will not be held to account for their actions and can therefore act with impunity is frankly risible and has no basis in the reality of today. President Jonathan on New Year’s Day Service Sahara Reporters Media

    As I write, your Attorney-General and Oil Minister are the focus of multi-jurisdictional criminal investigations into corruption at the heart of your presidency. One such investigation is that into the acquisition of the oil prospecting licence, OPL 245 by the international oil companies Shell and Eni. In the United Kingdom that investigation goes by the name “Operation Zaphod”. In Italy criminal proceedings were registered in November 2013 and are pending against some Eni executives and others who were involved in what the prosecution has described as a conspiracy to bribe Nigerian public officials. In the US, the FBI are working extensively to track any OPL 245 assets and monies. For example $10 million dollars of OPL 245 funds have been successfully tracked to the former Attorney-General Bayo Ojo’s account in the US. Ojo not only returned the licence to Malabu in 2006 but is also known to have been involved in the subsequent efforts to transfer the licence to Eni and Shell.

    As your Attorney-General, Finance Minister and EFCC Chairman can attest, I was a party to the filing of the complaint in Nigeria, Italy, UK and US. I am familiar with the case and, I can assure you that the Italians, the Americans and the British are working closely together to ensure that anyone who improperly benefited from this corrupt deal is brought to book. Extensive efforts are being made and have been made to track all monies and assets related to the deal. In addition to the $10 million referred to earlier, other items that have been identified range from a high value aircraft, to lower valued items including armoured cars and the shotgun that was purchased from Holland and Holland in London. Furthermore, some $190 million has been frozen in the UK and Switzerland at the request of the Italians.

    In light of the above, your claim that your administration is fighting corruption is fraudulent, given that Nigeria is the only jurisdiction in which our submissions did not result in an investigation. The multi-jurisdictional investigations into OPL 245 that are taking place outside of Nigeria are being conducted without any support or assistance from your administration. We are aware that your administration has made unsuccessful efforts to truncate these investigations. Despite the fact that you have failed to take any action against two serving members of your cabinet, the Attorney-General and the Oil Minister, who are the focus of those multi-jurisdictional investigations, we fully expect that in this year, those multi-jurisdictional investigations will begin to result in assets linked to those ministers and others being seized.

    Any former or current Nigerian public servant that believes that they can act with impunity in office simply because that was the way it used to be are living in the past. We live in a global world now and we have and will continue to ensure that wherever possible other jurisdictions are mobilized to act against those that would seek to loot public funds. Ibori who was cleared in Nigeria, is now doing time in England and efforts to recover his assets are in full swing. The US private equity firm, Emerging Capital Partners (“ECP”) that helped him to launder some of his assets are now facing multi-jurisdictional investigations and have now being formally interviewed.

    In the same vein those who are leading the efforts to deceive Nigerians and others into believing that the $20 billion is not missing and the Sanusi allegations are unfounded are simply deceiving themselves. In this respect, I am challenging your corrupt Finance Minister or any other public servant to publicly declare that the monies did not go missing. I can assure you that we will seek for the prosecution of any such person on the grounds that they are accessories to the theft. I can also assure you that in the same way that ECP is now being investigated for its role in Ibori’s money laundering, the private equity firms Actis and Investec will also have to account for their investment in Seven Energy. Nigerians may have focussed themselves on the missing $20 billion, but we have now moved beyond that onto other matters including the oil mining licences that were granted to Seven Energy and Atlantic Energy. In this regard in addition to the private equity firms referred to earlier, Philip Ihenacho, Scott Aitken and others will have to account for their actions. In the case of Scott Aitken he will also have to account for other actions he took when he was at Weatherford.

    In the same way that we have instigated investigations into OPL 245 and ECP we will continue to work to ensure that those responsible for looting public assets will be brought to book with or without the assistance of any Nigerian government. The biggest impediment to development is corruption and your record in fighting corruption is so abysmal as to suggest that your policy is to institutionalize the tyranny of impunity on which corruption thrives. This is clear evidence that you are not the one to move our nation forward and God willing you will be overthrown at the polls. I can assure you that any efforts to deny the will of the people in the coming elections will be stoutly resisted. Your presidency has cast a dark cloud over our beloved country and you and all those that have played a role in bringing us to this sorry state will surely be held to account.

    Yours sincerely

    • Mique3

      I wish you had stayed on one line instead of playing judge and jury.

  • Yusuf

    Too late Dezieni, this price crashed so many months ago and you have been paying subsidy. The price was N150 when petrol was above $100, now that it is below $50 we should expect price of a litre below N75 and with zero budget for subsidy. But with the kind of budget we see on subsidy we should just be paying the petrol station a token for their workers’ wages and cost of transportation. WE ARE NOT IMPRESSED

  • the truth

    Nice move,nigerians are solidly behind you with this move with the masses in sight.may God continue to bless the government and people of nigeria

    • tundemash

      Mr. Career Liar, as usual you failed to acknowledge the oppostion that pushed them to do this in the first place. Is that the way to stay neutral Mr. Career Liar ?

      And since when did you start representing the masses to know nigerians are solidly behind your master looters ??

      Since you are close to your master looters, can you explain the rationale behind the near 10% reduction when international oil price, upon which they based teh reduction, has reduced by near 50% ? Or is it a situation of supporting anything they do since they pay your crumbs ????

    • TrueNja

      Govt of corruption.

  • Titi

    Petroleum marketers were buying petrol including profit margin at around N147 when barrel was above $100 and government used to pay subsidy of about N51 per ltr, crude has been selling below $50 for some time now which means the marketers have been buying this crude far below N97 per ltr. I wonder where this huge difference has been going; Nigeria is a real SCAM

  • Inside APC

    TINUBU : My lordship, there is a problem. Pls come let’s talk.
    BOKOHARI : Yes! My obedient servant, what is the problem?
    TINUBU : My lordship, kindly tell me the truth. Did you pass your WAEC exams? I mean the certificate
    BOKOHARI : Look my prend, be careful . Is that the problem?
    TINUBU : Yes my lord! Just tell me.
    BOKOHARI : But why?
    TINUBU : I want to be sure, so I can know how to plan & plot a defense in public.
    BOKOHARI : Ok! But switch up your mobile sets, I want to be sure you’re not recording anything
    TINUBU : Ok my lord. I have switched off the sets. Have them, you my confirm by inspection
    BOKOHARI : Oh don’t bother. I know you are very loyal. Look Bola, there are 2 reasons I can’t produce that certificate
    1. First, I have FAIL score in my ENGLISH & MATHEMATICS & 2 other subjects. I only have two credit pass grades
    2. Second, the certipicate has my real date of Birth on it. I am actually 79 and not 73 as I have claimed.
    TINUBU : Really?
    BOKOHARI : Yes! This is the problem fa!
    TINUBU : This is serious…very serious, but we’ve got to work out something before end of January
    BOKOHARI : I trust you boy, make it clean and leave no trace.
    TINUBU : As always my lordship!
    BOKOHARI : Walahi! You are a very loyal subject.

    • Truthometer

      Another clueless otuoke clown’s presentation. Boooooooooooooooooooooooooooo!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!.

    • tundemash

      yawn !!!!

    • Nuraddin

      Very interesting piece. Hurry and forward it to otueke institute of zoology. The least they will award for this is bachelor degree.

      • Tatafo

        At lest sufficient for him/her to contest a Presidential election.

  • Guguru

    Are they now done and tired of stealing money from innocent Nigerians through artificially high fuel prices? The only thing Jonathan and his sidekicks have not done is to physically enslave Nigeria to serve Jonathan and his family.

  • Otile

    How will Nigerians feel to know that their president failed to have an ordinary elementarybasic education, cannot produce a secondary school certificate, and made no effort in his life to acquired any of these basic certificates. This is a disgrace to the Nigerian nation no matter how you look at it.

    If they don’t want Jonathan can’t they find a young educated Nigerian who can stand shoulder to shoulder with other
    world leaders? This is a disgrace to the Nigerian nation.

    • tundemash

      LAMENTATIONS OF A LOSER: Part 1 Episode 1

    • mike

      Good, You have realized that people do not want Johnathan.

      • Nuraddin

        NO, he is yet it to realize what is for his own good. They are all like their moronic paymaster. SO DULL AND DUMB.

  • kayode

    Good step to win but will the media aides of mr. president present this well to the grassroots for people to the good work GEJ is doing? READ WHAT I FOUND OUT SO FAR WITH PDP PRESIDENTIAL CAMPAIGNS IN SOUTH WEST & MEDIA COVERAGE SO FAR: One thing i have noticed in the campaigns of the PDP which their consultants or members of the campaign committee didnt see is the lack of media coverage reaching the grassroots. No doubt people talk about GMB at least survey in South west ,…may be because of opposition stronghold base but i have noticed all the campaigns of PDP are mostly on Channels TV, AIT, NTA which unfortunately are not passionate stations of people bluntly shouting buhari and keen to vote for Buhari. The elites, some non-yorubas in SW who do stay with TV to watch election analysis on day of election and possibly end up not voting for any candidate are those who watch AIT Channels mostly. How many people watch terrestrial channel of channelsTV in lagos where there are several channels…. and unfortunately none of the TV channels speaks yoruba and they will say they have come to the south west for rally to reach out to who? Those who love and shout buhari dont watch those TV Stations and so they have not heard the good works mr president have done. The lower class, masses who usually vote and stay to guide their votes watch ORISUN TV (24hours Yoruba TV channel), read Alaroye, Akede Agbaye and the enlightened youths who can appreciate the good works of Jonathan mostly watch sound city, Nigizie, Hip TV etc and read complete football and other sporting papers….. so tell me has PDP presidential campaign reached all necessary class of voters in SOUTH WEST? This is what they will do in south east, north… I have carefully studied this in South West. Finally, PDP south west, pls, extend your live coverage campaigns, media reports and good works of jonathan to TV stations beyond channels, AIT,NTA. A lot of artisans, okada riders, transport/union watch ORISUN TV, they read alaroye, akede etc. BEST of GOODLUCK.

    • tundemash

      why don’t u help out by stating those good works here too ?
      State the good works on electricity, security. economy, health, transportation and so on !

    • TrueNja

      Stealing our commonwealth money is the good work?

  • amazing2012

    “…… 10 reduction was necessitated by the reduction in crude oil prices in the international market”. It is not the intention of the government but necessitated by global event at the wrong time, when election is over same goverment will increase the fuel unmercifully, judas !!

  • Shuaibu Bola Victor

    There is no need controverting the reality and the truth. GEJ we will vote. Nigerians have all decided privately and publicly to vote a democratic and listening leader; President Goodluck Ebele Jonathan

    • Truthometer

      High on self delusion.

  • NazirJos

    Wow! That means we have already started to enjoy good leadership of GMB even before his election! Great job GMB.

  • The truth is ugly

    Desperate move by GEJ to win people’s mandate which is too late. We already made our decision. But kudos to you guys this is what you are supposed to be doing from the beginning. My PVC just dey vex, waiting for valentines day to show love to my General no girlfriends purely #GMB

  • Thecreed

    A welcome development, though long overdue. The price should have been lesser than #87 if only the PDP government had fixed our refineries, this would have enabled us refine and then meet our domestic needs. Further more, the reduction in price should not be limited to petrol alone but should cut across all petroleum products which are derivatives of crude oil. Lastly, since the elections are fast approaching and the handwritings boldly written on the walls, the PDP sought to use the easiest way out, thinking we will be fooled by the Greek gift but we are not, come Feb. 14th! Power must change hands!!

    • Muhammed Ibrahim

      This reduction is only gear to gain votes. Pdpigs

      • tundemash

        It won’t work !

  • warry

    Gej has done better than most former presidents. Forget about the hype about Buhari. I am asking what one correct decision did Buhari take in all his past public life? Please see the PTF probe panel report. Corruption is being tackled in a civilized manner according to our laws, not according to the whims and caprice of one man.

    • emmanuel onu

      i believe you my bro

    • tundemash

      You said “Please see the PTF probe panel report.”

      but you failed to send any link to any probe report. The man who supervised the probe, OBJ, says he saw nothing !

      You said “Corruption is being tackled in a civilized manner according to our laws”

      Dumbo claimed corruption is mere stealing so how can he tackle what he does not believe exist or a problem in the first place. Your sermon is a little too late. On FeBuhari 14th we stand !

      • dips

        @tundemash you have relieved me of the reply i would have given cos you were very precise and on point,i couldnt have said it better

  • favourtalk

    Nigerians are not fools, akala did the same thing with the civil servants in oyo state by paying them early when he couldn’t pay for the past 3 years and civil servant still voted him out, we can’t be decieved. GEJ is out

  • BUSHMAN

    ARMED ROBBERS.HOW DID THEY ARRIVE AT THAT FIGURE ESPECIALLY WHEN CRUDE OIL PRICES HAVE FALLEN BY MORE THAN FIFTY PER CENT.THESE PEOPLE ARE ROGUES,FROM JONATHAN RIGHT ON TO DIEZIENI.COMMON THIEVES.IF BUHARI DID NOT RAISE THE ALARM THEY WOULDN’T HAVE REDUCED THE PUMP PRICE.WHAT KIND OF A COUNTRY IS THIS?NIGERIANS MUST ARISE AND VOTE OUT THIS CORRUPT GOVERNMENT.OUR SALVATION LIES OUTSIDE IT.THERE IS JUST NO WAY WE CAN CONTINUE LIKE THIS.A GOVERNMENT THAT FIRST NEEDED TO BE CAJOLED TO DO THE SENSIBLE THING OF REDUCING THE PUMP PRICE IS AN INSENSITIVE GOVERNMENT.LET US SHOW THEM OUR ANGER WITH OUR VOTES;THAT IS THE ONLY OPTION THAT IS OPEN TO US.THIEVES!

  • Contact Point

    The best the government could have done in view of current international oil price is for the pump price of fuel to be between the range of NGN45 to NGN50.00 because the fall is over 50%. However, Goodluck is fighting desperately to remain in Aso Rock but am sorry for him, he cannot get it.

  • dudu

    Vote APC

  • Dan

    so a $50 dollar drop in Crude Oil Price per barrel translates to N10 drop per litre? hmm this doesn’t seem to add up.

    • Kitunde

      I was thinking the same-Nigerian goverments, always cheating its citizens.

  • warry

    The best thing is for the Govt to hands of the regulation of prices of petroleum products, alias removal of subsidy .One thing is sure however, that Govt will need money to pay salaries and fight BH, and this may take the form of other taxes.

  • dips

    GEJ and his cohorts must really think Nigerians are daft or we are as clueless as he is,when all the other countries are making significant decrease he is reducing fuel price by N10,when it was over a $100 it was #97 now its below $50 and we are supposed to be buying at #85 who is deceiving who……..get ready to head back to your otueke on the 29th May and let those who have genuine intrest take over……obviously this will affect the racket of subsidy payments which will increase and naturally other basic ammenities that should be provided for will suffer,GEJ and his administration are very laughable

  • George

    Great news
    for Nigeria, fuel pump reduced. There is however a little twist to the story,
    Okonjo-Iweala never said nor insist that the pump price of fuel would not be
    reduced. As I recall, she said the PPRA was working on the matter, she never
    insisted that the pump price of fuel would not be reduced considering the
    falling global oil prices. It is important that the true position of things are
    reported and not to distort facts.

  • Iluyomade

    This is
    good news for the country we thank God. We thank Jonathan. However, Iweala did
    not insist that the price of fuel would not be reduced even crude oil price is
    falling. That woman is not one to inflict pains on Nigeria. I remember that in
    her budget speech last year, she said the PPRA was working on the matter and
    that Nigerians were right to demand a reduction in pump price even global crude
    oil price is dropping.

  • Kenneth

    Ha thank
    God o! Relief is coming for Nigerians; pump price reduced. It is true o, Iweala never insisted that
    government would not bring down pump price even if crude oil price is dropping.
    What Madam Iweala said in her Budget speech last year was that the break break-even crude oil price
    at which the cost of petrol would match the current price of N97 per litre is about
    $60 per barrel. According to her it is only when crude oilp price falls below
    $60 per barrel that pump price should be expected to come down and true to type
    the pump price has come down. Don’t let the facts be distorted, let journalism
    be truly professional. Congratulations Nigerians once again.

  • Linda Akhator

    It is easy to put the blame on others because of our own selfish interest. It is better to have an understanding before you open your mouth to blame others. If you make your research very well you will notice that when government was selling at #97, it was subsidized. I happen to be current with this situation and by virtue of what I do. I know It will take the price of crude to be at $60 at the international market to equal our present #97. Now that it has been reduced to $50 dollar, our noble President GEJ deems it fit to reduce the price by #10. And you are opening your mouth wide to say rubbish, please get facts,
    before you say anything.

    • Aku

      I searched through out your comment looking for the so called home work done by you to my surprise I found nothing but selfishness.

  • Olumide Abas

    if the content of this new story was supposed to paint the current administration in bad light, then i thinks it has failed. Of course from what the Minister of finance said on the 17th of December, it could be deduced that there had been efforts to update the template for the reduction of fuel pump price which at that time she acceded was landing at about N97 per litre. So it was a matter of time for the adjustment to come. People who are crying blue murder now are those with cynical thought against the sincerity of the incumbent administration.

  • Justice_jk

    If PDP like they should use their campaign fund 2 buy us Pms for free, we will still vote them out, untill another party break the jinx of PDP 16yrs of uninterrupted rule, they won’t learn 2 respect the power of ballot, its now our turn we ordinary Nigerians not 2 give a damn about d price deception called price reduction. Abeg!. Make I play Olamide music make I take cool body jooor.. Loading…….now playing,,…#story for the gods…..

  • Enoch Adefarati

    What welcoming news. It is important to clear the air on the wrong information you publicized. The Minister of Finance never said the fuel pump price wouldn’t be reduced. Rather, she emphasised that the relevant Agency of Government responsible for petroleum product pricing matters is the PPRA and that they were updating their template based on recent developments in the oil market across the globe and hopefully would address the issue soon.

  • Great Obioma

    President GEJ will not at this time of falling
    oil prices play politics. The only thing I see from this is the opposition
    taking over of this to make their voices heard. I have always been of the
    opinion that true leadership, assumes responsibility and don’t put the blame on
    others. Let Buhari and his corrupt team of APC tell Nigerians the truth about
    the reduction in oil price and not politick about it.

  • Brandon Landry

    Reduction of just N10? Are you kidding me?? The price of oil has dropped by N9,000 a barrel, a 50% reduction in price. These shameless thieves can only ‘dash’ suffering Nigerians just N10 in exchange for their votes at the polls in FeBuhari. No way!!! Until pump prices are dropped to at least N67 per liter to reflect the 50% drop in oil price, Nigerians are not impressed by this N10 crumb they are offering to buy their votes! Here in the US, we were paying $3.00 per gallon just four months ago. As world oil prices dropped everyday, pump prices were automatically adjusted downward everyday without govt intervention. Today we are paying only $1.75 per gallon in most Southern states (Georgia, Alabama, Tennessee, Kentucky etc). In South Carolina, it is as cheap as $1.55 per gallon.
    Who does bug eye Dieziani, fat Ngozi and lame duck Badluck think they are impressing with this N10 crumb from their overflowing table??? Y’all better take your N10 scrap and shove it up yalls bloated asses. Punks!!!

  • Faith Edumego

    Access to the right information has been a major challenge in the social media world. This is because people post user generated content online just to pass whatever message they want to. The economic team, of present GEJ having looked at the situation knew it was okay economically to reduce the fuel price by #10. And all we could do is play politics with it? This is wrong. Having been in the country for the past couple of years, I think the president and his team has tried and should be appreciate and not condemned.

  • Ezekiel Garba

    When will educated and supposedly civil people desist from resorting to publishing false information to polarize the polity in order to achieve cheap popularity? Dr. Ngozi Okonjo-Iweala has often been misquoted for reasons best known to detractors. She only stated that the PPRA was responsible for oil pricing matters and would get back to Nigerians in due course and not that the oil pump price would not be reduced as wrongly published here. Kindly desist from publishing twisted facts.

  • Shaanu Akowe

    Isn’t it a pity that government’s well-meaningfulness has been called evil because of logistical itches which saw the reduction that was always to be announced delayed and coincided with the general elections period? Nowadays, it is normal for the leading opposition party to wrongfully represent every government’s sincere move as a public relations/ campaign strategy for its own electioneering gains.

  • Saidi Ekoh

    A Buhari who wants to take power, will promise heaven and earth just to get it. For those that have been wooed by his promise, I’m sorry for them. How can a military man come out to talk about economics? I will tell you that if such promise it being executed, it will only put the economy in trouble and there will be more hardship on the people. You will never know what you have until you lose it. I can tell you that GEJ and his team has done.

    • Seun

      Uncle, he has been the PTF minister before. PLS READ!

      • Queen

        Thanks senu please tell him more bcos he didn’t know anything.

  • John Danibo

    There must have been a mistake in this report; the Minister Finance never opposed reduction of fuel price. It is better that we get the right information. She was only giving metrics for economics that will measure the stability of the Nigerian economy as it relates to the failing crude oil price. Now premium times now coined it to her saying that insisted that the price of crude oil will not be reduced. At such a time like this we should be concerned about the growth of our country instead of ruining innocent reputation.

  • Labarana

    Premium Times is always in the habit of trying to create disaffection in President GEJ’s cabinet where none exist. Anyone that listened to the Minister of Finance’s speech at the budget presentation would realize that Dr. Iweala was not against the reduction in the price of petroleum.

  • Labarana

    I must really commend the Minister of Finance for making this happen in the midst of dwindling revenue and falling oil price. I know it is not easy to go this route, but it is a great sacrifice. Kudos once again to Dr. Iweala for making this happen.

  • Justice_jk

    Even at that, is N10 the best they can reduce? The crude slump from $100 to $47.5 per barrel, so 97 divided my 2 is the simple equation they can adopt. Or better still, return the price to where the administration meet it.

  • Peter

    Buhari should pocket his advice and reserve it as he prays for his elusive electoral victory. Buhari has already lost the February election. Up GEJ and his team of economic experts.

    • Mr. Abdin

      But sometimes i keep on asking about the economic policy of my dear country Nigeria, Ngozi said no going back about the reduction of pump price of fuel despite the price crashed in the global market then later we saw the minister of petroleum reducing N10. My question is what has happened to the remaining products that is DPK and AGO? More over the reduction is too small it needs to be slashed by 50 percent, God save Nigeria.

  • TrueNja

    This is a Greek gift and won’t last beyond February 28. Fellow Nigerians, don’t let us be deceived by drowning, desperate, inept president. Read our lips and writings badluck Jonathan no more hardship 4 years!!!

  • Moses

    Does this reduction has effect on DPK and AGO?

  • Bolade

    This is a skewed report. Contrary to what Premium Times would have us believe, the Finance minister actually assured Nigerians that the pump price of fuel would reduce if the international benchmark falls to the level to which it has now fallen.

  • Guest

    The decision to review the pump price of fuel clearly has nothing to do with what General Muhammadu Buhari said. It is a decision that had been reached in advance.

  • Bayo

    Right from when the crude oil prices started falling, the Finance Minister had hinted that pump price would be reduced if the oil prices fall below a threshold. It’s good to see things play out just as she had promised.

  • Guest

    This is certainly a move in the right direction and a timely one too. However, it is rather unfortunate that Premium Times is making the wrong insinuations. This price reduction had long been foretold by the Finance Minister. Buhari’s statement just happens to coincide with its materialisation.

  • Bayando

    Good news indeed! It would have better the score card of GEJ if this was done few years back when people largely depended on His Excellency for speedy transformation. Unfortunately, this development can never serve its purpose as every Nigerian knows that, as soon as Mr President is re elected, the pump price will hit heaven. Change is imminent and inevitable with all these flaws I’m are seeing.