FG May Reduce Petrol Pump Price To N85/Litre,January 2016

                            
The Minister of State for Petroleum  Resources,Dr Ibe Kachikwu said the Federal government may reduce the price of petrol pump price by January 2016.
He disclosed this to newsmen in Port Harcourt during his inspection of the refinery.while responding to questions on when the FG will release the new price template prepared by the the Petroleum Product  Pricing Regulatory Agency,  he said he approved the new price on Thursday and would be below N87/litre.

“like I said, we have done a modulation and it is showing us below N87. I imagine that if PPPRA publishes it today, it will become effective immediately. But the 1st of January 2016 is when we are looking at.”

 “It (the template) is out, I signed off on it yesterday (Thursday). I imagined that in the next couple of days the marketers would get advice on that. The nice thing about the PPPRA, where I signed up on it yesterday is that the price will be far below N87. So for the first time people will understand that the pricing modulation I was talking about is not a gimmick. It is for real.

We have gone to find out how we will be able fluctuate this market to reflect what the reality of crude market is. The objective is that one, we cannot afford to continue to subsidise. We can’t even understand where those subsidies were going to. There are a lot of fraud elements in it so we need to cut that of.”

 “But in applying that where we landed when we did the analysis for the very first time was about N85 or N86, so it is below N87. And maybe the first price that will come will reflect it. That was why Mr. President said that the price will be N87 for now. And that is what we have in mind.”He stated