Petrol will be sold for N86.50k per litre, not N85 – PPPRA

The Federal Government said as from January 1, 2016, all retail stations of the NNPC would start selling petrol at N86 per litre while other oil marketers would sell at N86.50k per litre.
Mr Farouk Ahmed, the Executive Secretary, Petroleum Product Pricing Regulatory Agency (PPPRA), announced this at a news conference on Tuesday in Abuja.
It would be recalled that Dr Ibe Kachikwu, the Minister of State for Petroleum and NNPC MD had earlier said petrol would be sold for N85 per litre from January 1.
Ahmed stated that the reduction in the price of the commodity was due to an implementation of the revised components of the Petroleum Products Pricing Template for PMS and Household Kerosene.
According him, the revised template, which will be reviewed on quarterly basis, is geared towards ensuring an efficient and market-driven price that will reflect current realities.