The Federal Government has announced an immediate reduction in the price of petrol.
The pump price which previously lay at N87 would now be reduced to N86.50. Farouk Ahmed, executive secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA) made the announcement.
“The Petroleum Products Pricing Regulatory Agency (PPPRA) hereby announces the implementation of the revised components of the Petroleum Products Pricing template for Premium Motor Spirit (PMS) and Household Kerosene (HHK),” he said.
“This followed the approval of the minister of state for petroleum resources, dr. Ibe Kachikwu, for the implementation of the revised template. “The major components of the pricing template affected by this review are Traders Margin, Lightering Expenses, Nigerian Ports Authority, Jetty Throughput and Storage Charges, as well Bridging Fund. “Other components revised include Retailers’ Transporters and Dealers Margin.
“Accordingly, the Ex-depot price of PMS shall be N77.00kobo/litre, while the pump price shall be N86.50kobo/litre in line with the prevailing market trend. “This new price regime is with effect from January 1, 2016. All marketers are hereby advised to adhere strictly to the PPPRA-approved Ex-depot and pump prices, as the PPPRA, in conjunction with relevant government agencies, shall enforce compliance.”
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