will be N85 per litre, the Federal Government has
declared.
Although the current official price of the petrol is N87
per litre, it sells for higher prices in some states of the
federation with the country experiencing over two
months of biting fuel scarcity.
The Minister of State for Petroleum, Emmanuel
Kachikwu, made the announcement of the reduction in
pump price of the petrol at the Port Harcourt Refinery
Company (PHRC), where he spent Christmas inspecting
the revamped plant.
Asked when the Federal Government would release the
new price template of the Petroleum Product Pricing
Regulation Agency (PPPRA), the Minister said he
approved the new price for the agency on Thursday.
“Like I said, 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”.
Dr. Kachikwu explained that the new price template will
convince Nigerians that the pricing modulation that the
Muhammadu Buhari-led government promised to
embark on a few days ago was not a trick.
He noted that following analyses and research,
government realized the country could fluctuate fuel
price in accordance with the crude oil market
fundamentals.
Justifying government’s reasons for scrapping the
Petroleum Support Fund otherwise known as oil
subsidy, the Minister pointed out that government could
no longer afford to subsidize the petrol following the
fraud that has marred its operation.
He added that it had become clear that government
earnings were dipping on daily basis.
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