The federal government don reduce the price of petrol yesterday from N87 to N86.50k per litre wey go start as from from January 1st.
In one statement wey the executive secretary of Petroleum Products Pricing Regulatory Agency (PPPRA) Farouk Ahmed sign in Abuja, FG talk say Nigeria National Petroleum Corporation (NNPC) retail stations go dey 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.
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