Good News Or Whatever? Fuel Prices To Reduce By N1 And 50 Kobo By January 2016!
buy fuel at N86 from any NNPC station and N86.50 at other petrol stations. Mr Farouk stated that the reduction in price was as a result of the implementation of revised components of the Petroleum Products Pricing Template For PMS an Household Kerosene.
He stated these in the statement;
“Since 2007, while crude oil price had been moving up and down, the template remains the same. This made it necessary for us to introduce a mechanism whereby the template would be sensitive to the price of crude oil.
“However, the template is not static, as there would be a quarterly review and if there is any major shift, the Minister of State for Petroleum Resources would be expected to call for a review, either upward or downward.
“If there is no major shift, the price would continue from January to March 2016.
”In addition, there would be a Product Pricing Advisory Committee that would be set up to advise the PPPRA concerning movements in the price of crude oil.”
“Marketers are required to note that there shall be a mid-quarter review of performance where volumes of non-performing marketers shall be withdrawn and reallocated to performing marketers.
Mr Farouk Ahmed also said that any marketer found selling above the PPPRA approved price will be APPROPRIATELY SANCTIONED by the agency.