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The federal government yesterday reduced the pump price of petrol from N87 to N86.50k per litre with effect from January 1st.
In a statement signed by the executive secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA) Farouk Ahmed in Abuja, FG said that the Nigeria National Petroleum Corporation (NNPC) retail stations will sell at N86 per litre, while retail outlets owned by oil marketers will sell at N86.50k per litre.
The new price follows the approval of the minister of state for petroleum resources Dr. Ibe Kachikwu. The statement adds that the new price will remain till March 31, 2016.
“This is not static; there will be a quarterly review of the pricing template. However, if there is any pricing shift, the minister of state for petroleum resources may call for a review upwards or downward depending on the market condition but for at least the first quarter of 2016 the price will be N86.50/litre while for NNPC it is N86/litre,” he said.