The continual plunge in the price of
crude oil may lead to a further reduction
in the pump price of petrol by the
Federal Government of Nigeria any time
from April 2016.
The outgoing Executive Secretary of the Petroleum Products Pricing Regulatory Agency, Mr. Farouk Ahmed: The Punch This disclosure was made known by the
outgoing Executive Secretary of the
Petroleum Products Pricing Regulatory
Agency (PPPRA), Mr. Farouk Ahmed, on
Thursday, February 18.
According to him, the Federal Government
is considering a review of the pricing
template for Premium Motor Spirit, PMS, and
might effect a further reduction in the price
of the commodity from April 2016. Before his handing over to Mr Moses Mbaba
(most senior officer of the PPPRA) in Abuja
on Thursday, Ahmed noted that as of
February 3, 2016, about one month after
the review of the pricing template of petrol,
the country had saved N2.6bn as over- recovery on the product.
When asked if the price could be
reduced in the future considering
the fall in crude oil prices, Ahmed
said, “Yes, but wait till March and
you will see. Because the minister
is fair in the decision he will take, and because he will take the
decision pragmatically.”
The PPPRA is the agency of the Federal
Government that regulates and fixes prices
for petroleum products in the country.
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FG Likely To Further Reduce Petrol Price – PPPRACreated at 2016-02-19
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