The Nigerian Government has promised to reduce the pump price of the Premium Motor Spirit otherwise known as petrol from N87 to N85 per litre come January 1, 2016.
The Minister of State for Petroleum, Mr. Emmanuel Kachikwu, disclosed
this to journalists yesterday at the Port Harcourt Refinery Company, where
he went to inspect the plant.
Asked when the Federal Government would release the new price
template of the Petroleum Product Pricing Regulation Agency (PPPRA), Mr.
Kachikwu 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.”