FG removes subsidy, fuel to sell for 145 per litre, PPPRA confims price

The federal government on Wednesday removed the subsidy petrol. Following its removal fuel will now sell for N145 per litre.

The Petroleum Products Pricing Regulatory Agency (PPPRA) last night announced a new pump price for petrol, saying that in a new pricing template which it reviewed, filling stations in the country are now to sell at a maximum of N145 per litre.

The new pump price is N58.50 different from the previous price of N86.50. PPPRA indicated that the sector was still under the government’s price modulation policy and not deregulated.

It also indicated that there is no subsidy for importation of petrol, adding that the price will reflect extant market realities.

PPPRA also stated that henceforth, petrol marketers will be allowed to independently source for foreign exchange to import products into the country, and that retail stations owned by the Nigerian National Petroleum Corporation (NNPC) are advised to sell at pump prices below N145 per litre.

The PPPRA made this disclosure in a statement in Abuja. The statement was signed by its acting Executive Secretary, Mrs. Sotonye Iyoyo.

The statement read: “Statutorily enshrined in the PPPRA Act No 8, 2003, is the responsibility to moderate pricing for the Industry. In performing this role, the PPPRA commenced a petroleum products price modulation framework on the 1st of January, 2016, with the aim of ensuring a ‘fit-for-all’ approach that seeks to serve the interest of the Nigerian consumers, marketers and the economy.

“In furtherance of its mandate to ensure the efficient supply and distribution of petroleum products, the PPPRA hereby announces, effective immediately that the new price band for PMS shall be at a maximum of N145/litre. However, NNPC Retail stations on the outskirts of major cities are advised to sell at price lower than N145/litre.”