Business Nigeria: FG to Increase Pump Price of Petrol

[LequteMan]

A new pricing template for petrol might be implemented by the Petroleum Products Pricing Regulatory Agency (PPPRA) today, Friday 1st of April 2016.

According to The Herald, the product may be sold for N88 per litre at the Nigerian National Petroleum Corporation (NNPC) stations and N88.50 in other stations.

Until this new template, the NNPC’s official price for a litre of fuel was N86 while for others it was N86.50. The new price mechanism that is expected to take effect today is a requirement of price modulation system that is reviewed every quarter.

The proposal for the price template for the second quarter of the year (April to June) was tabled before the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu by the PPPRA boss, Mrs. Sotonye Iyoyo early this week.

However it hasn't been confirmed if the Minister of Petroleum Resources, President Muhammadu Buhari, who is attending a conference in Washington DC in the United States, approved the template before leaving the country.

 

[Browny]

A new pricing template for petrol might be implemented by the Petroleum Products Pricing Regulatory Agency (PPPRA) today, Friday 1st of April 2016.

According to The Herald, the product may be sold for N88 per litre at the Nigerian National Petroleum Corporation (NNPC) stations and N88.50 in other stations.

Until this new template, the NNPC’s official price for a litre of fuel was N86 while for others it was N86.50. The new price mechanism that is expected to take effect today is a requirement of price modulation system that is reviewed every quarter.

The proposal for the price template for the second quarter of the year (April to June) was tabled before the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu by the PPPRA boss, Mrs. Sotonye Iyoyo early this week.

However it hasn't been confirmed if the Minister of Petroleum Resources, President Muhammadu Buhari, who is attending a conference in Washington DC in the United States, approved the template before leaving the country.

This is arguably not right for Nigerians. This is going to affect the common man in the streets of Nigeria. FG should source for money elsewhere and not in the petroleum industry. A slight change in fuel price affects even the price of biscuits.

 

[LequteMan]

This is arguably not right for Nigerians. This is going to affect the common man in the streets of Nigeria. FG should source for money elsewhere and not in the petroleum industry. A slight change in fuel price affects even the price of biscuits.

I don't think President Buhari will approve the pricing template. Moreover, the product is sold above these prices in almost all of the fuel outlets nationwide.

 

[PatrickGilbert]

It appears that making living a difficult one is the only thing President Buhari administration is quick at.

Ain't them ashamed to talk about price inflation despite the present circumstance of petrol scarcity in the Nation.

Keeping people in suspense is not the way to run a Nation. Is always from one problem to another. How about making life easier for Nigerians?