The Federal Government has released a revised price template for the pump price of petrol and Kerosene. A statement signed by Farouk Ahmed, Executive Secretary, Petroleum Products Pricing Regulatory Agency (PPPRA), Tuesday evening said beginning from January 1st 2016, the pump price of petrol shall be N86.50 per liter while kerosene shall be sold at N77.00 per litre.
According to Ahmed, “The Petroleum Products Pricing Regulatory Agency (PPPRA), hereby announces the implementation of the revised components of the Petroleum Pricing Template for Premium Motor Spirit (PMS) and Household Kerosene (NHK).
He said “This follows the approval of the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, for the implementation of the revised template.
Accordingly, the Ex-depot price of PMS shall be N77.00 per litre, while the pump price shall be N86.50 per litre in line with the prevailing market trend. This new price regime is with effect from 1st January 2016.
“All Marketers are hereby advised to adhere strictly to the PPPRA Ex-depot and pump prices, as PPPRA in conjunction with relevant government agencies shall enforce compliance” the statement said.
The pump price of petrol unveiled in the statement by PPPRA was however slightly higher than the N85 per litre which the minister of state petroleum said earlier will be the new price beginning from January 1st 2016.
While announcing the downward adjustment of the pump price last week, the minister also disclosed that the subsidy on petroleum product has been removed by the Federal Government.
The hint of subsidy removal has already gotten labour kicking.The Nigeria Labour Congress, NLC announced Tuesday what it called the rejection of removal of fuel subsidy through the back door.
Source: – See more at: https://newsdiaryonline.com/petrol-to-sell-at-n86-50-kerosene-n77-00-per-litre-as-fg-unveils-revised-pricing-template/#sthash.6znNe6dD.dpuf