PPPRA Announces New Pump Price For Petrol

The Petroleum Pricing Regulatory Agency
(PPPRA) in Nigeria has announced the
implementation of the revised components of
the Petroleum Pricing Template for Premium
Motor Spirit (PMS).
In a statement by the Executive Secretary of
the PPPRA, Mr Farouk Ahmed, the pump price
was put at 86.50 Naira per litre, a price the
agency said was in line with the prevailing
market trend.
“This new price regime is with effect from
January 1, 2016,” the statement read.
According to Mr Ahmed, the reversed template
was approved by the Minister of State for
Petroleum Resources, Dr. Ibe Kachikwu.
The statement said that the major
components of the pricing template affected
by this review were Traders Margin, Lightering
Expenses, Nigeria Port Authority, Jetty
Throughput, Storage Charges and Bridging
Fund.
Other components revised include Retailers’
Transporters and Dealers Margins.
As contained in the breakdown, the Ex-depot
price of PMS shall be 77 Naira per litre while
the pump price will be 86.50 Naira per litre.
The new price is a reduction of 50 Kobo from
the old price of 87 Naira.

It is the second time that the government will
be reducing the price of petrol since the price
of crude oil dropped.
The PPPRA also advised all marketers to
adhere strictly to the approved Ex-depot and
pump prices, as it would, in conjunction with
relevant government agencies, enforce
compliance.
The oil-rich nation is currently experiencing
fuel scarcity, a situation that the government
said would soon come to an end, as some of
the nation’s refineries have started
production.

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