The Federal Government said as from January 1, 2016, all retail stations of the Nigerian National Petroleum Corporation would start selling petrol at N86 per litre.
Farouk Ahmed, the Executive Secretary, Petroleum Product Pricing Regulatory Agency (PPPRA), announced this at a news conference on Tuesday in Abuja.
He also said other oil marketers would sell at N86.50k per litre.
Mr. Ahmed stated that the reduction in the price of the commodity was
due to implementation of the revised components of the Petroleum Products Pricing Template for PMS and Household Kerosene.
due to implementation of the revised components of the Petroleum Products Pricing Template for PMS and Household Kerosene.
According him, the revised template, which will be reviewed on quarterly basis, is geared towards ensuring an efficient and market-driven price that will reflect current realities.
He said, “Since 2007, while crude oil price had been moving up and down, the template remains the same.
“This made it necessary for us to introduce a mechanism whereby the template would be sensitive to the price of crude oil.
source: premium times
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