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BREAKING: Nigerian Government Drops Fuel Price from 97 to 87 Naira | Takes Effect Midnight Today

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Diezani
In a press conference at the Presidential Villa in Abuja today, Minister of Petroleum Resources, Diezani Alison-Madueke announced the price of fuel will fall from 97 to 87 Naira a litre, and the change should will take effect at midnight, Premium Times reports.

The minister announced that the change reflects the falling crude oil prices in the international market.

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The last time the price of fuel changed in Nigeria was in January 2012, when after public outrage on the announcement of a removal of the subsidy, a compromise was reached and the fuel price was increased from N65 to N97, reducing the government subsidy, but not removing it completely.

Source: Premium Times

43 Comments

  1. Funmilola

    January 18, 2015 at 11:30 pm

    Chai eh! There is God oooo. All because of elections…..see desperation at it’s peak.

    • Nuna

      January 18, 2015 at 11:41 pm

      Hi, u may want to educate yourself on global oil prices, this has an effect on what’s happening in our country too.

    • halyma

      January 19, 2015 at 12:13 am

      Hmmmm….did u start watching CNN today? because oil price did not start dropping significantly this year.

    • S

      January 19, 2015 at 1:01 am

      On educating one’s self, you may also want to educate yourself on politics. Global oil prices have dropped a very long time ago and Nigerian oil gas prices should have dropped since. Why are they choosing just a few weeks to the elections? It is all strategic and frankly pathetic too. The oil prices shouldn’t have been N97 in the first place if they want to be true to the people. INEC should move the election date forward and watch PHCN improve so well. At the end of the day, vote with caution. The people of Ekiti state are no more getting more rice.

    • Iris

      January 19, 2015 at 8:23 am

      Oil prices have dropped drastically in the last two months. They’ve gone down to almost half the price. You don’t notice it in Nigeria because prices are controlled. I think they were waiting to see how things would play out before lowering the prices. They couldn’t have just done it immediately it happened.
      Nigeria’s rainy day has come. Oil supply will be in excess. The next few months / years should be interesting.

    • S

      January 19, 2015 at 12:01 pm

      Are you kidding me? rainy day? wow. Nigeria’s oil is regulated yet feeding the corrupt cabals. They didn’t wait to see how the situation will play out, they just didn’t care. Other people might have other reasons but in terms of economics, compassion and corruption, this government has FAILED. Gas prices in Nigeria have no business being that high in the first place, even if we don’t refine our oil If the subsidies were put back, why didn’t prices revert to 65 naira??? These leaders do NOT care for the average man and for a man who wore no shoes (still debatable), he sure as hell quickly forgot about those who still don’t have shoes. I remember when I told my mom gas prices here had fallen by half, her response was that Nigerian prices only go up and never down. 10 naira is a slap on Nigerians and it is just sad that they think they can get away with this.

    • Iris

      January 19, 2015 at 3:41 pm

      @S I’m not sure if you’re misunderstanding me. I didn’t say fuel prices had any business being that high to begin with. I said I believed the price going down had to do with falling prices globally. Secondly, by ‘rainy day” I was referring to the saying where they say “save for the rainy day”. My point is that I know we were unprepared for the day when the world would say “we don’t need your oil.”.Clearly, that day is near.

  2. Nuna

    January 18, 2015 at 11:31 pm

    HAHAHHA with the way oil prices are falling by the hour, it will soon be free sef! We’ll soon drink our oil.
    Ordinarily this should be a wake up call for any sensible government to diversify the economy, but Naija government gree get sense?? Nope!

  3. Wale

    January 18, 2015 at 11:31 pm

    Why doesn’t she return the $20B she stole and shared with Omokri and the rest, then we will be happy? Yeye people—see them grasping for everything just to sway votes at this last minute.

    • SOLO ACT

      January 19, 2015 at 5:26 am

      see her eyes like globes do u think such a person wud return $20B? the worst is that amount can turn nigeria into a mini DUBAI. but its ok! people that steal money shall not spend it on something tangible.

  4. Tee

    January 18, 2015 at 11:33 pm

    It’s sad to see comments that it’s becuse of the elections. Really? Do y’all watch the news? Cnn? Anything? It’s common knowledge that the price of gas per barrel is less than $50 today. We’ve been buying has for $1.61 per gallon(1 gallon=3.8litres). The Nigerian government should have dropped the prices a while back, and while many of you are rejoicing that it’s #10 off yes that’s a lot, it could be lower still. For an oil producing country has price is significantly high. As long as supply is continually higher than demand( thanks open coutries) it’s going to keep dropping. The Nigerian government can afford to cut it down to at least 67, but thy are greedy as usual. Hmmmm!
    #my2cents

    • molarah

      January 19, 2015 at 1:24 am

      Ok, so what you are trying to say is that you don’t think this move is election-related? I guess you are the one not watching the news. It has everything to do with Both the elections and falling crude prices.

    • erinma

      January 19, 2015 at 1:38 am

      exactly what I thought! It should go down to atleast 6o naira

    • DON JAJ

      January 19, 2015 at 1:52 am

      Mr man….. I can still say it dat its cos of the election…… The oil price drop didn’t just happen last night men.

  5. Tee

    January 18, 2015 at 11:34 pm

    I meant gas* for every has*
    Auto correct sucks

  6. halyma

    January 19, 2015 at 12:10 am

    Desperate times require desperate measures I guess!
    Sincerely if this is not an election move why is a drop from $140 to $48.50 per barrel reflecting N10 decrease for an oil producing state? Economists in the house pls discuss
    We deserve more as a people!

  7. solomon

    January 19, 2015 at 12:38 am

    10 naira difference can get u guyz my vote …

    • lala

      January 19, 2015 at 3:14 am

      I hope your vote is worth more than N10. They havent done enough to vote for them. BTW, why wait till 4weeks to election to reduce gasoline price.?

    • S

      January 19, 2015 at 11:51 am

      Kai, Nigerians can like to be like Esau sha. Remember the people of Ekiti are regretting the rice that has digested and been passed out tey tey.Really??? #10???

  8. Ginger

    January 19, 2015 at 12:51 am

    Ok this decrease is not commensurate to the global drop in oil prices. They need to knock of a couple more tens. Step in the right direction though!

  9. Eve82

    January 19, 2015 at 2:57 am

    Gas prices been dropping since before thanksgiving. Btw N10 does not make any difference in Nigerian money. In fact show me what they sell N10 in Nigeria? So yes, this is more political than anything.

    • emi

      January 19, 2015 at 11:32 pm

      Dis is so political, and extremely childish. Do dey think we don’t knw wot dey re trying to do? D price of crude oil didn’t start dropping today. Dis calls for a lot of worry becos d sale of crude oil seems to be d nations major source of income. Nigeria’s crude oil is soft and sweet, and dats d exact type most countries have, and d demand for dis type of oil is low. United states and few other countries produce crude dats thick and sour, which is in high demand. Nigeria stopped oil exploration many years ago, even d few oil fields wey we get and getting weak. We need to diversify into other sectors and also start oil exploration again. Dis problems is going to hit us hard, becos no country will not want to buy from us soon, and d govt will get broke soon, and d masses will be d ones to suffer it.. GEJ messed up big time and Honestly I’m not sure APC has a better plan for dis country, why wuld dey bring out a 72yrs old man to. Lead us.

  10. Carliforniabawlar

    January 19, 2015 at 3:08 am

    If we would educate ourselves ehn, these politicians will stop doing us wayo! I’m paying almost a quater of what i used to pay for fuel out here… Even if we fact in the probability that the cost they expend in refining the oil staying the same, then Nigeria’s pump price should be at least slashed in half. So yes, I will take an educated guess and say this ‘reduction’ is politically induced.
    Meanawhila, shoutout to all my peeps in the industry, during these ‘exciting’ times, may none of us loose our jobs oh! 😀

    • Celina

      January 20, 2015 at 6:10 am

      i need a real man , not a player that can satisfy me add me on my BB PIN 7f734c7d

      Serious guys only

  11. imose

    January 19, 2015 at 3:08 am

    The comments here though!!! I can feel the way y’all feel. Smh
    Shame to Bad government.!!!

  12. lala

    January 19, 2015 at 3:11 am

    It still wouldnt change GEJ loosing the election comes next month. This is a desperate move to insult ppl into voting for him. Too late, aso rock is vacant.

  13. tony

    January 19, 2015 at 3:56 am

    WTF……Mr president goes to Maiduguri a month before elections… 3 weeks before the elections he reduces the pump price of PMS by a mere 10naira meanwhile oil prices are down over 60 pct… If I’m the only one that can see the trend then I’m insane. Luckily we are many. We are change. We are GMB 2015!
    #goodluckthedesperado!

  14. tony

    January 19, 2015 at 4:13 am

    After a more than %60 reduction in crude oil price results in a measly %10 cut in Petrol price in Nigeria, if crude sells for $1/barrel, Jonathan & his slaves among us will justify ₦77 per liter.
    Your children will be ashamed to bear your names, carry on with your nonsense.

  15. SOLO ACT

    January 19, 2015 at 5:19 am

    look at this thief, the fuel price does not need to be at 87 it needs to be at 50. when would these black thieves stop taking government money. just look at her necklace. OLE!

  16. Kenny Jossy

    January 19, 2015 at 5:32 am

    I can’t wait for this BADLUCK of man to receive this shellacking in the next election. E think say 9ja ppl be maga. Them no dey tell def man say market don close. Drop the price to 1 naira, GEJ begin park your kaya and thief the remaining money go hide for Otueke. GEJ, Mduake wife and Okonji na prison them go spend the last part of their life make una day watch GMB they come. Under GEJ watch, politicians graduated from stealing millions to billions of Naira. what a dangerously corrupt government he ran.

  17. Ditebogo

    January 19, 2015 at 6:19 am

    87 Naira = R4.35 ( with a 20Naira = R1 exchange)
    this is almost free compared to what we South African Pay. the petrol price was R13.00 per litre before it dropped down to R11.00 per litre.
    my full tank is R700 (US$64)
    you guys are lucky you have oil. Life in RSA is expensive.

    • bb

      January 19, 2015 at 8:22 am

      That is exactly what we are talking about, in a country that is not producing oil, they had more than 10% decrease in pump price while in our oil producing country, we got 10% decrease in pump price, hum!!! this people should remember that we are not fools o!!!

  18. AFAM

    January 19, 2015 at 6:27 am

    the reduction in the pump price of fuel,though not up to our expectation,is a welcome development.i believe though,that it should come down to 50 naira per litre going by the current price of crude in the international market.

  19. Ada Nnewi

    January 19, 2015 at 9:05 am

    PMS should actually be less than N50/litre now….GEJ PLEASE START PACKING YOUR LOAD ABEG!…. Diesel prices are supposed to have dropped….. abi diesel is not responding to the drop in oil prices as well?……

    • NagosBigBoi

      January 19, 2015 at 7:06 pm

      Ha ha ha….great point! I am sure naija diesel is made from the more expensive $100 crude! When ba only price of one thing change then you know say na bobo dem dey bobo us. Diesel, kerosene, aviation fuel…..all dem still dey old price…..

  20. nola

    January 19, 2015 at 10:17 am

    madam diezanii, iwoyi laaro. in transliteration..naa this time be your own morning ehn….and N10 we really are debased and suffering bsha …

  21. NNENNE

    January 19, 2015 at 12:33 pm

    Nigerians are interesting people.
    In a way, it will be nice for GMB to win this election .Am saving some of our comments because we forget easily. It will be nice to see Nigeria transformed in 4-8 magical years. God please grant us all life.

  22. lol

    January 19, 2015 at 2:20 pm

    GEJ you are actually a piece of shit!!! Because it’s election season you want to gain supporters you lower gas prices like don’t these people have a conscience. Judgment day is near all thaw politicians satan will eat you raw

  23. D

    January 19, 2015 at 2:52 pm

    My own prayer is that oil prices should go back up ooo!!! na my bread and butter….And this is not OPEC o…this is Saudi Arabia trying to come back as the major if not only oil producing country in the world… But as for the homeland…yea if anyone is rejoicing about 10 Naira I shall be SMHing on you. Oil prices have dropped drastically in the past few months. 10 Naira now??? really unless you are in denial we can all see that it is a political move. Nevertheless, Lord in heaven let this oil price go back up even if it is only to $60/barrel we shall be thankful.

  24. NagosBigBoi

    January 19, 2015 at 5:53 pm

    I am a bit saddened by the comments here. The question that we should be asking is: what is the basis for the new price? How much is the government subsidy at this new price? Does the new price mean that all subsidy has been removed? If our prices are going to be indexed on the price of crude oil, can we know what formula is used to calculate it?
    These guys do these things because they know that we will never ask the questions to find out if it is “politics” or “sound price setting”. How come a few months ago the finance minister said that there was no sound reason to reduce the price? What has changed since then?

    • Ready

      January 19, 2015 at 8:02 pm

      Ask questions? Shuu! The ones we asked when we protested about full subsidy removal and he just came back and announced N97 as the new price, who answered? Nigerians don’t ask questions, and our “leaders” don’t provide answers. We deserve them.
      I’ve said if it’s between GEJ and a goat, I’m voting for the goat.

  25. vicmajek

    January 19, 2015 at 7:42 pm

    see strategy all because of elections..even if dey reduce it to 20naira..i will not vote for GEJ..rubbish…long hiss…

  26. churchill

    July 2, 2015 at 12:36 am

    i have observe the strategy things in Nigeria fuel subsidy, i believed they are trying to play with Nigerians peoples. then Nigeria fuel was N65 before they came and change it to N97 now he want to change again to N87, check very way i see who is playing this games with Nigerians peoples..!!!!

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