Petrol to sell for N130 per litre

10 May 2016, Abuja – The Federal Government is set to commence partial deregulation of the downstream petroleum sector, allowing major and independent marketers to sell Premium Motor Spirit, PMS, also known as petrol, at prices convenient for them.

IPMAN-fuel pumpThis came as Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said the Federal Government was looking at privatising the nation’s refineries within the next 12 months.

The Federal Government, sources said, will, however, continue to regulate the price at which the product is sold at the Nigerian National Petroleum Corporation’s, NNPC, retail outlets due to the ease of accessing foreign exchange by the NNPC.Signs that the Federal Government had opted for partial deregulation of the sector was evident in the last couple of days, as the Petroleum Products Pricing Regulatory Agency, PPPRA, had refused to update its Products Pricing Template for May 2016.

The PPPRA template was last updated April 28 and released April 29, 2016. In the template, the Expected Open Market Price for PMS was N98.62 per litre for NNPC retail outlets and N99.38 per litre for independent and major oil marketers.

The Federal Government is set to commence partial deregulation of the downstream petroleum sector, allowing major and independent marketers to sell Premium Motor Spirit, PMS, also known as petrol, at prices convenient for them.

This came as Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said the Federal Government was looking at privatising the nation’s refineries within the next 12 months.

The Federal Government, sources said, will, however, continue to regulate the price at which the product is sold at the Nigerian National Petroleum Corporation’s, NNPC, retail outlets due to the ease of accessing foreign exchange by the NNPC.

Signs that the Federal Government had opted for partial deregulation of the sector was evident in the last couple of days, as the Petroleum Products Pricing Regulatory Agency, PPPRA, had refused to update its Products Pricing Template for May 2016.

The PPPRA template was last updated April 28 and released April 29, 2016. In the template, the Expected Open Market Price for PMS was N98.62 per litre for NNPC retail outlets and N99.38 per litre for independent and major oil marketers.

 

  • Vanguard
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