The Federal government of Nigeria have stated that petrol will be retail by NNPC retail outlet for N86 while other oil Marketers will sell for N86.5 with effect from January 1,2016.
Mr Farouk Ahmed, the Executive Secretary, Petroleum Product Pricing Regulatory Agency (PPPRA), announced this at a news conference on Tuesday in Abuja.
Ahmed stated that 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 will be reviewed on quarterly basis, is geared towards ensuring an efficient and market-driven price that will reflect current realities.
“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.
“However, the template is not static, as there would be a quarterly review and if there is any major shift, the Minister of State for Petroleum Resources would be expected to call for a review, either upward or downward.
“If there is no major shift, the price would continue from January to March 2016.
”In addition, there would be a Product Pricing Advisory Committee that would be set up to advise the PPPRA concerning movements in the price of crude oil.” he said
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