Petrol Price reduced ahead of Presidential election

Abuja - Nigeria on Sunday announced a cut in petrol prices, a month before the country votes in presidential and parliamentary elections
Oil minister Diezani Alison-Madueke told an evening press conference that the price of a litre of petrol would drop from 97 naira to 87 naira at midnight on Sunday, a month before the country votes in presidential and parliamentary elections.

The measure was taken with the approval and directive of President Goodluck Jonathan, a candidate in the February 14 polls, she said, taking into account the recent volatility in the oil market.
 Nigeria extracts around two million barrels of crude a day but imports most of its fuel as it does not have refining capacity. Subsidies are used to keep prices low at the pumps.