With the announcement of reduction in the pump price of petrol from N97 to N87, Nigeria has joined other countries, which have done so owing to slide in global oil prices.
Countries that have so reduced fuel prices between last December and this month include South Africa, China, Vietnam, Pakistan, India, United Kingdom and others.
In South Africa, the government reduced the price of petrol by 1.27 South African Rand (R) (about N16) and R1.23 a litre.
The country also reduced the price of diesel by between R1.04 and R1.05 per litre.
In China, petrol price was reduced by 170 yuan (N4942.19 or $27) per ton and lowered diesel price by 400 yuan per ton.
Vietnam reduced the country’s gasoline grade to 310 Vietnames Dong (VND) (about N3), or 1.7 per cent, to VND17,570 (N148.02 or 82 US cents) a litre.
Diesel price went down from VND360 to VND16,630 a litre. Kerosene was reduced from VND290 to VND17,110.
In India, petrol price was reduced by 91 paise a litre (about N3). It was the seventh reduction since last August. The price of diesel was cut by 84 paise per litre. However, there’s price variation in the country. In Delhi, petrol price cost 63.33 Indian Rupee (Rs) (about N187) a litre, as compared to Rs 64.24 (N189.20) per litre previously. In Mumbai, the reduction will be 96 paise to Rs 70.95 per litre.
Pakistan also reduced prices of fuel. In the country, petrol price was reduced by Rs6.25 per litre (N11.17).
In the United Kingdom, some marketers announced two pounce (about N6) reduction per litre. However, Angola raised fuel and diesel prices by 20 per cent last December. The country raised the price of petrol to 90 kwanzas (N158 or $0.88) a litre from 75 (N123) kwanzas.
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