The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced a 50k reduction in the pump price of petrol.
According to a statement releaased by Farouk Ahmed, executive secretary of the agency, the commodity, which officially sold for N87/litre, will now sell for N86.50k/litre.
“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),” read the statement.
“This followed the approval of the minister of state for petroleum resources, Dr. Ibe Kachikwu, for the implementation of the revised template.
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“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.
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“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.”
7 comments
Mitchew!!! You this regulators are not serious. What is 50K out of 87 Naira per litre. You are just taking us for fool. God will judge aLl of us (Ameen)
try to be positive in any development.
If they increase it by 50 kobo you will wail, they reduced it by 50 kobo you still complain.
Be thankful. It is people like you that God will bless with something small and you will still complain and then he takes that small thing plus every other one you have and then you will now say He is wicked.
What else do you want???
Your comment..
This is a very welcome development by the federal government of Nigeria, it will reduce the adship on the entire Nigerians, we are starting the new year with a good development, first of it’s kind in Nigeria since about 16 years now,l wish the leadership of president Buhari a very success in the speculating years…
That’s not the first! Fuel price was reduced from 97 to 87 naira this year before the election by GEJ! Just wanted to alert u to the fact!
We should be grateful for the little reduction. At least we are starting from somewhere. I am not an APC apologist, but i believe it worth applauding. Let us keep the government in our prayer, that God should enrich their knowledge, wisdom and understanding to steer the ship of our nation to a favourable end.
Even though the reduction is very marginal:ways beneath expectation, we need to appreciate the efforts.
Although the reduction is very marginal: ways beneath expectation, we need to appreciate the govt for the efforts made