Starting from January 1, 2016, petrol will sell for N86.50 per litre, the Petroleum Products Pricing Regulatory Agency’s (PPPRA) yesterday announced a 50 kobo reduction in the pump price.
The official Pump price for Petrol is N87.
The Executive secretary of the PPPRA, Farouk Ahmed in a press statement said; “The Petroleum Products Pricing Regulatory Agency (PPPRA) hereby announces the implementation of the revised components of the Petroleum Products Pricing template for Premium Motor Spirit (PMS) and Household Kerosene (HHK)”.
“This followed the approval of the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, for the implementation of the revised template”.
“The major components of the pricing template affected by this review are Traders Margin, Lightering Expenses, Nigerian Ports Authority, Jetty Throughput and Storage Charges, as well Bridging Fund. Other components revised include Retailers’ Transporters and Dealers Margin”.
“Accordingly, the ex-depot price of PMS shall be N77.00kobo/litre, while the pump price shall be N86.50kobo/litre in line with the prevailing market trend. This new price regime is with effect from January 1, 2016. All marketers are hereby advised to adhere strictly to the PPPRA-approved ex-depot and pump prices, as the PPPRA, in conjunction with relevant government agencies, shall enforce compliance.”
The Petroleum Products Pricing Regulatory Agency (PPPRA) is an agency of the government of Nigeria established in 2003 to, among other responsibilities, monitor and regulate the supply and distribution, and determine the prices of petroleum products in Nigeria. Its headquarters is located in Abuja, Nigeria.
The current Executive Secretary of the Agency is Farouk Ahmed (2014 – date). Previous chief executives are Dr. Oluwole Oluleye (2003 – 2009), Mr. Abiodun Ibikunle (2009 – 2011), Engr. Goody Chike Egbuji (2011 – 2011) and Mr. Reginald Stanley (2011 – 2014).