After a week-long of strikes, rallies, street protests and weekend's failed talks with labour, President Goodluck Jonathan, in a nationwide broadcast this morning, announced new pump price for petrol, saying the product will now sell at N97 per litre.
The new price is N44 less than the N141 announced by the Petroleum Products Pricing Regulatory Agency, PPPRA, on January 1st; and N32 higher than the former price of N65, demanded by labour and the civil society for the strike to be called off.
According to the President, PPPRA has been directed to ensure compliance with the new pump price.
Jonathan, however, said that his government is working hard to reduce recurrent expenditure in line with current realities and to cut down on the cost of governance.
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