The minister of petroleum, Diezani Allison – Madueke on Sunday evening announced the reduction of the pump price of petrol from N97 to N87, a N10 drop.

The minister told journalists at a press conference at the Presidential Villa, Abuja that the government took the action in view of the falling price of crude oil in the international market.

She said that implementation of the new price will takes effect from 12 midnight on Sunday.

The minister also directed the Department of Petroleum Resources, DPR, and the Petroleum Product Pricing and Regulatory Agency, PPPRA, to ensure strict compliance with the new price regime.

Crude oil price has plummeted in the last six months from $100 to less than $50, a situation that is having telling impact on the economy of major oil producing nations, including Nigeria