How Did the Reduction in Fuel Price Help President Jonathan?

Imanuel Jannah
By Imanuel Jannah January 19, 2015 04:40

fuel price

Once upon a time, President Goodluck Jonathan removed subsidy on fuel price, and that action caused the market prices of  goods and services within the Nigerian economy to rise. Nigerians felt some hardship, but as time passed, everyone adjusted to the rise in price and became fine with it. Standard of Living stabilized in most families and everything appeared to be going smoothly again for many citizens.

But one day, precisely the 18th day of January, 2015, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, held a media briefing with State House correspondents at the Presidential Villa, Abuja, and announced that the Federal government had reduced the pump price of petrol by N10 from N97 to N87 per litre due to drastic fall in the prices of crude oil in the international market, after watching events carefully in the previous two weeks to ensure that volatility will not destabilized the reduction in price.

Because of that announcement, the Petroleum Products Pricing Regulatory Agency (PPPRA) and the Directorate of Petroleum Resources (DPR)  swung to action from midnight of that same day, and began to effect the change in fuel price.

Because the two agencies acted swiftly, the entire country (almost immediately) began to benefit immensely from that reduction in the pump price of petrol until finally, many citizens who were hit the hardest by the pains of the subsidy removal of 2012 began to change their minds in favour of Goodluck Jonathan as the presidential election drew nearer. Goodluck Jonathan was re-elected as president on 14th February, 2015, and everyone lived happily ever after.

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Imanuel Jannah
By Imanuel Jannah January 19, 2015 04:40