FG Reduces Pump Price of Petrol from January 1 2016

Federal Government has said that effective January 1, 2016, Premium Motor Spirit, PMS otherwise known as petrol, would be sold at eighty six naira per litre by the Nigerian National Petroleum Corporation, NNPC Retail stations, while other oil marketers would sell at N86.50 per litre.

Speaking to newsmen in Abuja, Executive Secretary of the Petroleum Products Pricing Regulatory Agency, PPPRA, Farouk Ahmed, also announced the first quarter 2016 PMS import allocation of three million metric tonnes to the NNPC and other oil marketers.

On the review of the price of petrol, Ahmed said the reduction in the price of the commodity was due to an implementation of the revised components of the Petroleum Products Pricing Template for PMS and household kerosene.

According Ahmed, the revised template, which would be reviewed on quarterly basis and which would soon be presented to oil marketers, is geared towards ensuring an efficient and market-driven price that would reflect current realities.

The Nigerian Labour Congress said, however, that it would resist with all its might, any attempt to remove fuel subsidy.