Petrol To Sell For N 85 Per Litre From Jan 1

The Federal government, has said that it can no longer
afford to subsidize the Premium Motor Spirit (PMS)
following the fraud that has attended its operation,
stressing that the product will sell for N85 per litre as
from the first day of January, 2016.
The Minister of State for Petroleum, Emmanuel Ibe
Kachikwu, disclosed this during his inspection of the
Port Harcourt Refinery Company (PHRC), on Christmas
day.
The current official price of the product is N87 but it
sells for as high as N350 in some states of the
federation with the country experiencing more than two
months biting fuel scarcity.
Dr. Kachikwu said that the new price template of the
Petroleum Product Pricing Regulation Agency (PPPRA),
was approved by the Federal government on Thursday,
adding that the new price will convince Nigerians that
the pricing modulation that the Muhammadu Buhari-led
government promised to embark is not a trick.
“We have done a modulation calculation and it is
showing us below N87,” Mr. Kachikwu said. “I imagine
that if PPPRA publishes it today, it will become effective
immediately. But the 1st of January that is when we are
looking at.”

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