Although, it is better than not reducing it at all, the Nigerian Government sheds off 5 naira, ‘the lowest currency you possibly can’t spend on anything in Nigeria’ from the price of petrol.
So, from Ni68 per liter, the price has been brought down to N162.44 per liter which roughly sheds of N5 from the original amount it was being sold. and this will take effect from the 14th of December.
I’m not sure if this can be categorized as a change in the price of petrol as consumers might not really spot the difference, but i stand to be corrected.
I believe that reducing the price of petrol to about N150 is fair enough compared to the amount that was said to have been deducted from it, then will the change be visible.
So, what do you think about this deduction? Sensible enough or not?