Finally, the Federal Government Tuesday announced
officially the reduction in the price of the Premium
Motor Spirit (PMS) otherwise known as petrol.
The announcement, which was made by the Minister of
State for Petroleum Resources, Dr. Ibe Kachikwu,
shows that fuel would be sold in two different prices
from January 1 2016.
The Executive Secretary, the Petroleum Products Pricing
Regulatory Agency (PPPRA) Farouk Ahmed, who made
the announcement on behalf of the minister said from
January the NNPC retail outlets would sell fuel at
N86.00k per litre, while Independent Marketers would
sell at N86.50k per litre.
He gave the analysis in which the federal government
was able to arrive at the reduction, as he stated that the
pricing of petrol litre would be reviewed downward or
upward quarterly.
Speaking to journalists in Abuja, Ahmed, also
announced the first quarter of 2016 PMS import
allocation of three million metric tonnes to the NNPC
and other oil marketers.
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