Federal government reduces fuel by 50 kobo

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.