Federal Government announces eighty-six naira pump price for fuel
Written by Taiwo Adediran on December 30, 2015
The Federal Government, has announced that starting from the first of January, 2016, Premium Motor Spirit, otherwise known as petrol, would be sold at eighty-six naira per litre by the Nigerian National Petroleum Corporation, NNPC Retail stations, while other oil marketers would sell at eighty-six naira, fifty kobo per litre.
Speaking to newsmen in Abuja, the Executive Secretary of the Petroleum Products Pricing Regulatory Agency, PPPRA, Mr. Farouk Ahmed, also announced the first quarter 2016 PMS import allocation of three million metric tonnes to the NNPC and other marketers.
On the review of the price of petrol, Ahmed said the reduction in the price of the commodity was due to an implementation of the revised components of the Petroleum Products Pricing Template for PMS and household kerosene.
According him, the revised template, which would be reviewed on quarterly basis and presented to oil marketers, is geared towards ensuring an efficient and market-driven price that would reflect current realities.
He said the NNPC would sell cheaper than other oil marketers, due to the fact that it is cheaper for it to import, compared to the independent and major oil marketers.