Amid threats of protest by labour, the Minister of State for Petroleum Resources, Ibe Kachiukwu, and the Petroleum Products Pricing Regulatory Agency (PPPRA) have offered explanations on how the Federal Government arrived at N145 as the price of a litre of Premium Motor Spirit (PMS) otherwise known as petrol. They assured that the new price regime would block the drain through which government loses N16.5 billion monthly.
While the minister, whose announcement on Wednesday kicked off the new regime, said the […]
The Federal Government on Wednesday announced a new price regime for petrol, with the highest price of N145 per litre. The Petroleum Products Pricing Regulatory Agency said in Abuja that the new price regime had taken effect from Wednesday.
The Nigerian National Petroleum Corporation, however, advised its retail stations on the outskirts of major cities to sell at prices lower than N145 per litre.
In a statement, the PPPRA said: “This review became imperative in the face of extreme difficulties faced by petroleum […]
According to reports, the Federal Government has said it would pay subsidy on petrol from the recoveries made in the first quarter of this year.
This is contained in the latest Petroleum Product Pricing Regulatory Agency (PPPRA) template released in Abuja. It said between January and March, the Federal Government was able to save about N10 billion as a result of selling the product above the Expected Open Market Price.
According to the new template, the expected open market price of the petrol […]