Yesterday, Tuesday December 29, Farouk Ahmed, the executive secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA) disclosed to Newsmen in Abuja that the price of fuel has been reduced by the Federal Government.
He announced that Petrol will be sold at N86 per litre by the Nigerian National Petroleum Corporation (NNPC) retail stations, while other oil marketers will sell at N86.50 per litre as against the present N87 per litre, Vanguard reports.
He also revealed that the price of fuel has been reduced due to the implementation of the revised components of the Petroleum Products Pricing Template for PMS and household kerosene. This template is said to be reviewed quarterly and is geared towards ensuring an efficient and market-driven price that will reflect current realities.
He further explained that this Template since 2007 has not been reviewed and this led to the present administration seeking mechanisms whereby the template would be sensitive to the price of crude oil.
Farouk after revealing that the template wasn't static, he also indicated that if there is no major shift, that is, if there is a marginal change, the price would continue from January to March, 2016. In addition.
The Secretary also said there would be a Product Pricing Advisory Committee that would be set up to advise the PPPRA concerning movements in the price of crude oil.”
Concluding, he warned that any marketer found selling above the PPPRA approved price will be sanctioned appropriately such as but not limited to, exclusion from future participation in product importation and revocation of licence.
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