FG reduces fuel price by 50 kobo per litre

The 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.