Petrol now N65

Source: Nigerian Tribune

FOLLOWING the downward trend in the prices of crude and refined petroleum products at the international market, the Petroleum Products Pricing Regulatory Agency (PPPRA) has reduced the market pump price of Premium Motor Spirit (PMS) to N65 for the month of January.

The PPRA, which announced this in Abuja on Thursday evening, stated that the reduction was in line with its statutory mandate to substitute the fixed price with a recommended price in order to pass on the benefit of this drop in price to the Nigerian public.

It, therefore, recommended that all petroleum marketers should take a cue from the open market reference price level for petrol, noting that the average for the one-month period as specified from the PPPRA’s posted price would be on its website or as published in the national dailies.

The PPPRA urged all petroleum marketers to comply with this price immediately.

It added that “The PPPRA, using its automatic price adjustment mechanism, shall be posting on its website as well as announcing and publishing in the media the indicative price of petrol on monthly basis.”

The PPPRA added that it will continue to liaise with the Department of Petroleum Resources (DPR) to ensure that petroleum marketers do not engage in profiteering by selling above the upper limit of the open market price monitored by the agency.