FG Announces Reduction Of Petrol Price By 50 Kobo

With effect from January 1, 2016,  petrol will sell for N86.50 per litre, as the Petroleum Products Pricing Regulatory Agency’s (PPPRA) yesterday announced a 50 koko reduction in the pump price. At present, the official price of petrol is N87.
A press statement by Farouk Ahmed, executive secretary of the PPPRA, announcing this said: “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).
“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.”

December 30, 2015