President Goodluck Jonathan announced the cut in the pump price of petrol during a national broadcast.
According to him,
the new pump price of petrol was in line with the outcome of exhaustive deliberations with the labour unions and other stakeholders.
He also said while the government is fully committed to the deregulation of the downstream sector, petroleum importers found to have engaged in over invoicing and other corrupt practices will be prosecuted.
President Jonathan appealed to Nigerian workers to resume work as government is ready to provide adequate security for them.
The Nigerian leader assured that the proceeds from the oil subsidy removal will be judiciously used as enunciated in the Subsidy reinvestment intervention programmes.
Write up/Qasim
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