Beginning from January 1, premium motor spirit, popularly called petrol, would begin to sell for N86.50 per litre. This is a reduction of 50 kobo from the the N87 per litre which it is currently sold.
The Petroleum Products Pricing Regulatory Agency (PPPRA) announced the 50 kobo reduction in the price of petrol late Tuesday putting paid to the speculation that the price could scale up following the removal of subsidy.
In a statement by the Executive Secretary of the PPPRA, Farouk Ahmed, petrol will now sell for N86.50k from 1st January 2016.
According to the statement, the reduction is as a result of the implementation of the revised components of the Petroleum Pricing Template for Premium Motor Spirit and Household Kerosene.
It was revealed in the statement that eduction was based on the approval of the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, that the revised template be implemented.
"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 read.
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