The
Nigerian Government would on January 1, 2016 reduce the pump price of the
petrol to N85 per litre.
The
product officially sells for N87 per litre, although it sells for higher prices
in some states of the federation.
The
Minister of State for Petroleum, Emmanuel Kachikwu, disclosed this to
journalists at the Port Harcourt Refinery Company (PHRC), where he spent
Christmas inspecting the plant.
Asked
when the Federal Government would release the new price template of the
Petroleum Product Pricing Regulation Agency (PPPRA), Mr. Kachikwu said he
approved the new price for the agency on Thursday.
“Like
I said, we have done a modulation calculation and it is showing us below N87,”
Mr. Kachikwu said. “I imagine that if PPPRA publishes it today, it will become
effective immediately. But the 1st of January that is when we are looking at.”
According
to him, the new price is below the current N87 per litre and it would now
convince Nigerians that the pricing modulation that the Federal Government
promised to embark on a few days ago was not a trick.
He
noted that following analyses and research, government realized the country
could fluctuate fuel price in accordance with the crude oil market
fundamentals.
-Premium Times
No comments:
Post a Comment