The Federal Government has disclosed that from Friday, January 1, 2016, Premium Motor Spirit, PMS, commonly called petrol, will now sell at the rate of N86.50k per litre.
This announcement was made on behalf of the FG by the Petroleum Products Pricing Regulatory Agency, PPPRA.
Official price of the product as at now is N87 per litre, though some filling stations sell well above that price due to shortage in its supply.
In a statement signed by the Executive Secretary of the PPPRA, Farouk Ahmed, on Tuesday, the agency explained that the reduction in the price of petrol follows the implementation of the revised components of the Petroleum Pricing Template for Premium Motor Spirit and Household Kerosene.
Ahmed said this was based on the approval of the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, for the implementation of the revised template.
“Accordingly, the Ex-depot price of PMS shall be N77 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,” Ahmed said in the statement.
FG Announces New Petrol Pump Price https://t.co/Xrrv3rGbP5